Volvo Energy invests in Connected Energy for second life battery business
Summary
This forward-leaning 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 Groups second-life battery returns, says Joachim Rosenberg, President Volvo Energy. He continues: Together with Connected Energy, we will minimize the environmental impact of the batteries that has powered Volvo Group vehicles. Our collaboration will enable us to optimize the potential for battery reusage and ensure that the resources in the batteries are used effectively, says Matthew Lumsden, CEO Connected Energy.Volvo Energy is one of five new investors including Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria, OurCrowd to join existing investors of Connected Energy; Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund. Consequently, Volvo Energy supports to optimize first-life, creates and prolongs the second-life opportunities and thereby expanding the value creation from a climate, environment and business perspective. Connected Energy has sixteen operational systems across Europe: Belgium, Germany, the Netherlands and the UK with its largest at Cranfield University in Bedfordshire, England.For more information, please visit volvogroup.com For frequent updates, follow us on Twitter: @volvogroupThe Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers uptime and productivity.