Volvo Energy Invest Millions into Battery Energy Storage Company

(Credit: Pixabay)

by | Jun 20, 2022

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(Credit: Pixabay)

Volvo Energy is investing close to SEK 50 million ($4.91 million) for a 10% stake in the UK-based second-life battery energy storage company Connected Energy.

Volvo Energy says this investment aims to facilitate the scaling-up of second-life battery energy storage systems and further secure circular business opportunities for the forthcoming ramp-up in Volvo Group’s second-life battery returns. The investment in Connected Energy will minimize the environmental impact of the batteries that have powered Volvo Group vehicles. By repurposing the batteries, Volvo will obtain the full value from them – from a climate, environment, and business perspective.

The partnership is for the purpose of increasing the sustainability of both electric vehicles and grid connected energy storage. The collaboration will enable both companies to optimize the potential for battery reusage and ensure that the resources in the batteries are used effectively.

Volvo Energy is one of five new investors, including Caterpillar Venture Capital, the Hinduja Group, Mercuria, and OurCrowd that will join existing investors of Connected Energy, such as Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.

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