Volvo Energy invests 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.
In its mission to support and secure an attractive and sustainable circular business model for batteries, Volvo Energy is investing approx. SEK 50 M for 10 per cent in the UK-based second-life battery energy storage specialist Connected Energy.
Connected Energy for second life battery business
“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,” says Joachim Rosenberg, President of Volvo Energy.
He continues: “Together with Connected Energy, we will minimize the environmental impact of the batteries that have 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 re-usage and ensure that the resources in the batteries are used effectively,” says Matthew Lumsden, CEO of Connected Energy.
More about Irish Tech News
Irish Tech News are Ireland’s No. 1 Online Tech Publication and often Ireland’s No.1 Tech Podcast too.
You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: https://anchor.fm/irish-tech-news
If you’d like to be featured in an upcoming Podcast email us at [email protected] now to discuss.
Irish Tech News have a range of services available to help promote your business. Why not drop us a line at [email protected] now to find out more about how we can help you reach our audience.
You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.