Volvo Penta has acquired a minority stake in Utility
Innovation Group (UIG). The investment accelerates entry into
the utility sector to further develop Volvo Penta's battery energy
storage subsystem and power generation portfolio as part of its
road to net zero
GOTHENBURG, Sweden, April 11,
2023 /PRNewswire/ -- Volvo Penta has made a
strategic investment in UIG, US-based specialists in resilient,
innovative utility systems and decentralized energy solutions.
Through this, UIG and Volvo Penta have the potential to enhance
their collective capabilities, while jointly creating innovative
solutions and new market opportunities to advance electric grid
infrastructure.
This milestone also provides more opportunities for
mission-critical use cases, the likes of hospitals and data
centers, alongside a new class of electrical "prosumers" who both
produce and consume energy in support of the electrical grid,
leveraging renewables and other on-site energy sources. All
profiles can optimize their energy usage by connecting energy
sources with battery energy storage systems (BESS) to reduce
reliance on the grid and build a more resilient energy ecosystem.
Overall, the investment underscores Volvo Penta's ambition as an
independent supplier, to scale net-zero projects together with its
OEM customers at a higher pace while continuing to strengthen the
reliable portfolio of solutions available to its customers.
"This move is another proof point on our journey to net zero and
decarbonizing beyond the transportation sector. We see great
potential in our investment and our collaborative partnership with
UIG. Together, we will be able to accelerate access and adoption of
BESS-related solutions," says Heléne Mellquist, President Volvo
Penta.
"Establishing trust and fostering a strong partnership comes
naturally, given the proven track record of the Volvo Group's
technology in emissions reductions, heavy-duty power solutions and
aftermarket expertise," says Sidney
Hinton, Founder and CEO of UIG. "Volvo Penta's
electrification platform offers differentiated energy storage
performance for electrical resiliency within microgrid solutions as
we design and build the electric grid of the future. With this
strategic investment, we aim to deploy industry-leading solutions
and new technologies, enabling digitalization, charging
optimization and microgrid operations."
The transaction has no significant impact on the Volvo Group's
earnings or financial position.
April 11, 2023
Journalists wanting more information, please contact:
Claes Eliasson
Volvo Group Media Relations
Tel: int +46 (0) 765537229
Melissa Zhuo
Volvo Penta PR and Communications
Tel: +46(0) 739026626
For more information, please visit volvopenta.com
Volvo Penta is a global manufacturer of engines and power
systems for boats, vessels, and industrial applications, with a
century of experience and a global network of nearly 3,500 dealers
across 130 countries. The company is recognized for producing
high-quality, reliable, and performance-driven power solutions. As
part of the Volvo Group, Volvo Penta is committed to reducing
dependence on fossil fuels and moving towards sustainable solutions
at sea and on land.
Utility Innovation Group (UIG) is a leader in
designing, building, protecting, and operating the global
carbon-free grid of the future. UIG, founded by the core leadership
team which helped shape the US microgrid market, specializes in
utility protection and controls engineering, substation and
distribution development, microgrid development, and grid
resiliency. Together with their partners, UIG has developed an
industry leading, international presence dedicated to their mission
of shaping the future of electric grid infrastructure across the
globe through an explicit focus on decarbonization and the
ever-increasing need for resiliency.
The following files are available for download:
https://mb.cision.com/Main/39/3748911/1976120.pdf
|
230411-volvo-group-volvo-penta-invests-in-utility-innovation-group-to-accelerate-electric-grid-innovation-en
|
https://news.cision.com/ab-volvo/i/uig-bess-1860x1050,c3165530
|
UIG
BESS-1860x1050
|
View original
content:https://www.prnewswire.com/news-releases/volvo-penta-invests-in-utility-innovation-group-to-accelerate-electric-grid-innovation-301794359.html
SOURCE AB Volvo