Volvo Energy invests in second-life battery energy storage firm
By Bradley Osborne - 7th July 2022
Sweden / UK – AB Volvo, a corporation based in Gothenburg, Sweden which owns various brands including Volvo Trucks, Volvo Buses, and Renault Trucks, has announced that its electrification-focused business unit Volvo Energy has invested in Connected Energy Ltd, a Newcastle upon Tyne, UK-based firm providing services related to second-life battery storage and use.
Volvo Energy has invested approximately SEK50m in exchange for a 10% stake in the company. In doing so, it joins other investors which include Caterpillar Venture Capital Inc, the Hinduja Group, Mercuria, and OurCrowd. By investing in Connected Energy, Volvo Energy hopes to support the Volvo Group’s ambition to set up a circular business model for the procurement and recycling of batteries for its electric vehicles.
