Volvo Energy is spending around SEK 50 mln for a 10% stake in the UK-based second-life battery energy storage expert Connected Energy as part of its objective to assist and secure an appealing and sustainable circular business model for batteries.
“There is a lot of untapped potential in the reuse of batteries.” “This forward-thinking investment seeks to assist the scaling-up of second-life battery energy storage systems and further secure circular business potential for the Volvo Group’s upcoming ramp-up in second-life battery returns,” says Joachim Rosenberg, President Volvo Energy. “Together with Connected Energy, we will minimise the environmental impact of the batteries that have powered Volvo Group vehicles,” he explains. We get the most out of the batteries by repurposing them–from a climate, environmental, and business standpoint.”
“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 optimise the potential for battery reusage and ensure that the resources in the batteries are used effectively,” says Matthew Lumsden, CEO Connected Energy.
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