The newest business area of Volvo Group, Volvo Energy, has announced to invest SEK 50 million (about $4.92 million) for 10% in the UK-based, second-life battery energy storage company Connected Energy. This initiative will help it accelerate the group’s battery business and sustainability opportunities.
Joachim Rosenberg, President, Volvo Energy, said, “Together with Connected Energy, we will minimise the environmental impact of the batteries that has powered Volvo Group vehicles.”
He added that repurposing the batteries can help obtain their full value from a climate, environment and business perspective.
Matthew Lumsden, CEO, Connected Energy, said, “Our collaboration will enable us to optimise the potential for battery reusage and ensure that the resources in the batteries are used effectively.”
Interestingly, Volvo Energy is one of five new investors, including Caterpillar Venture Capital, the Hinduja Group, Mercuria, OurCrowd, to join existing investors of Connected Energy, Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.