Volvo Group has agreed to acquire 60% of Designwerk Technologies, a Swiss engineering company which develops and sells electromobility products and engineering services.

"The Volvo Group will complement its current capabilities when it comes to niche products and solutions," the truck maker said in a statement.

"Designwerk Technologies have strong competence in electromobility, focused on developing, prototyping and producing low volume niche products which makes it a great complement to the group's capability. This investment will support [our] transition towards climate neutral transport across segments," added Volvo CTO Lars Stenqvist.

Designwerk Technologies offers customised electric trucks under the Futuricum brand, mobile rapid chargers and high voltage battery systems.

It will continue to operate as a standalone company.

Completion of the deal is expected to occur within weeks and has no significant impact on group earnings or financial position.