Volvo Energy Invests $4.93MM in Second-Life Battery Energy Storage Company
JUN 20, 2022 - 6:31 am
Volvo Energy invested in the UK-based second-life battery energy storage specialist Connected Energy in order to further accelerate Volvo Group’s battery business and sustainability opportunities. Volvo Energy invested approximately $4.93 million for 10% in the company.
“There is a great deal of untapped potential in the second-life use of batteries. 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 Group’s second-life battery returns,” Joachim Rosenberg, president of Volvo Energy, said. “Together with Connected Energy, we will minimize the environmental impact of the batteries that ha[ve] powered Volvo Group vehicles. By repurposing the batteries, we obtain the full value from them from a climate, environment and business perspective.”
“We couldn’t be more pleased to welcome our new investor Volvo Energy on board and look forward to forging a path to increasing the sustainability of both electric vehicles and grid connected energy storage. Our collaboration will enable us to optimize the potential for battery reusage and ensure that the resources in the batteries are used effectively,” Matthew Lumsden, CEO of Connected Energy, said.
Volvo Energy is one of five new investors to join existing investors of Connected Energy. The other new investors include Caterpillar Venture Capital, the Hinduja Group, Mercuria and OurCrowd, while the company’s existing investors include Engie New Ventures, Macquarie and the Low Carbon Innovation Fund.
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