Second life battery business: Volvo Energy invests in Connected Energy

Volvo Energy invests in Connected Energy, for accelerate Volvo Group’s battery business and sustainability opportunities.

Connected Energy is the UK-based, second-life battery energy storage specialist and Volvo Energy is investing approx. SEK 50 M for 10 percent in the British Company, with the mission to support and secure an attractive and sustainable circular business model for batteries.

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 Volvo Energy. He continues: “Together with Connected Energy, we will minimize the environmental impact of the batteries that has 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 reusage and ensure that the resources in the batteries are used effectively – says Matthew Lumsden, CEO Connected Energy.

Volvo Energy is one of five new investors including Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria, OurCrowd to join existing investors of Connected Energy; Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.

Source: Volvo Energy