Volvo Group Venture Capital, a subsidiary of the truck and construction equipment making Volvo Group, has invested in Momentum Dynamics – a leading company in high power wireless charging of electric vehicles.
Momentum Dynamics is a Philadelphia-based company developing and commercialising high power inductive charging for the automotive and transportation industries, especially suitable for commercial electric, autonomous and connected vehicles.
"Momentum Dynamics' technology and competence within inductive bi-directional transmission of electrical energy and information safely through air, water and ice will fit the harsh conditions under which our customers operate. High capacity charging up to 300kW for trucks, buses, construction equipment, industrial and marine applications will support the electrified transition," said Per Adamsson, VP Volvo Group Venture Capital.
Wireless electric charging allows any type of vehicle to automatically and without supervision connect to the electrical power grid without the use of wires or cables. Without the need for a driver to plug in their vehicle to a charging station, automatic and bi-directional 'electric fueling' may occur frequently and opportunistically – resulting in efficient use of battery capacity, longer driving ranges and improved uptime.
Momentum Dynamics is conducting pilots in Europe and North America with both fleets and vehicle manufacturers of cars, buses, trucks and trains.
"We are strengthening our competence and knowledge of charging and electricity distribution within the ecosystem around electric transportation and energy supply. We see partnership, cooperation and investments as the way forward in a fast-changing environment," said Stefan Soderling, investment director at the venture capital unit.