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Volvo Group Invests in Connected Energy in the UK for Second Life Battery Business

Volvo Group Invests in Connected Energy in the UK for Second Life Battery Business

 



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Volvo Energy of Sweden has announced an investment in Connected Energy, a UK-based second-life battery energy storage specialist, to further accelerate the Volvo Group’s battery business and sustainability opportunities.

The company has a 10% investment in about SEK 50 million.

Connected Energy proves that Second Life vehicle batteries can be used in commercial battery storage systems. With 16 operational systems in Belgium, Germany, the Netherlands and the United Kingdom, it is the largest in Bedfordshire, United Kingdom.

Volvo Energy is one of five new investors, including Caterpillar Venture Capital Inc., Hinduja Group, Mercuria and OurCrowd, and has joined Connected Energy’s existing investors. Engie New Ventures, Macquarie, and Low Carbon Innovation Fund.

Joachim Rosenberg, President of Volvo Energy, said: This positive investment aims to facilitate the scale-up of the Second Life Battery Energy Storage System and further secure cyclical business opportunities for the future launch of the Volvo Group’s Second Life Battery Return. Work with Connected Energy to minimize the environmental impact of the batteries that power Volvo Group vehicles. By diverting the battery, we will maximize the value from the battery from the viewpoint of climate, environment and business.

Matthew Lumsden, CEO of Connected Energy, said: We look forward to welcoming a new investor, Volvo Energy, to pave the way for increasing the sustainability of both electric vehicles and grid-connected energy storage. Our collaboration will optimize the possibility of battery reuse and enable effective use of battery resources.

Based in Yotebori, the Volvo Group provides transportation and infrastructure solutions, as well as power solutions and financing services for trucks, buses, construction machinery, marine and industrial applications.

Sources

1/ https://Google.com/

2/ https://www.autofutures.tv/2022/06/17/volvo-group-invests-in-uks-connected-energy-for-second-life-battery-business/

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