Volvo Energy has invested in the UK-based, second-life battery energy storage specialist Connected Energy in order to further accelerate the Volvo Group’s battery business and sustainability opportunities.
In its mission to support and secure an attractive and sustainable circular business model for batteries, Volvo Energy is investing SEK50m for 10% in the battery energy storage specialist.
“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 the group’s second-life battery returns,” said Joachim Rosenberg, president Volvo Energy.
“Together with Connected Energy, we will minimise the environmental impact of batteries that have powered group vehicles. By repurposing the batteries, we obtain the full value from them – from a climate, environment and business perspective.”
“Our collaboration will enable us to optimise the potential for battery reusage and ensure that the resources in the batteries are used effectively,” said Matthew Lumsden, CEO Connected Energy.