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 percent in the UK-based second-life battery energy storage specialist Connected Energy.
“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. Moreover, 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. Therefore, 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 to join existing investors of Connected Energy; Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.
Facts Volvo Energy
Volvo Energy is a business area within the Volvo Group providing essential support and infrastructure during the first life. For example, when batteries are mounted on vehicles, whilst subsequently securing reliable and sustainable second-life opportunities prior to battery recycling. Consequently, Volvo Energy supports optimizing first life. It also creates and prolongs the second-life opportunities. Thereby expanding the value creation from a climate, environment and business perspective.
Connected Energy’s headquarters is in Newcastle. Upon Tyne, Technical Centre is in Norfolk, and systems operate in the UK, Belgium, Germany, and the Netherlands. It’s one of a handful of companies in the world to prove that we can use second-life vehicle batteries in commercial battery storage systems. Connected Energy has sixteen operational systems across Europe. They’re in Belgium, Germany, the Netherlands, and the UK. Its largest at Cranfield University in Bedfordshire, England.