Volvo Energy invests in second-life battery energy storage specialist

Volvo Energy is investing second-life battery energy storage specialist Connected Energy in order to further accelerate Volvo Group’s battery business and sustainability opportunities. (Photo: Volvo Energy)

Volvo Energy has invested approximately SEK 50 M (nearly $5 million USD) in UK-based Connected Energy, a second-life battery energy storage specialist, as part of its mission to support and secure an attractive and sustainable circular business model for batteries. Representing a 10% share in the company, the investment is intended to further accelerate Volvo Group’s battery business and sustainability opportunities.

Volvo Energy is a business area within the Volvo Group dedicated to providing support and infrastructure throughout a battery’s first life (i.e., when mounted on vehicles), while securing reliable and sustainable second-life opportunities prior to battery recycling. Connected Energy is one of a limited number of companies globally to have shown that second-life vehicle batteries can be used in commercial battery storage systems.

“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,” stated Joachim Rosenberg, president, Volvo Energy, in the investment announcement. “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,” said Matthew Lumsden, CEO, Connected Energy. “Our collaboration will enable us to optimize the potential for battery reusage and ensure that the resources in the batteries are used effectively.”

Volvo Energy is one of five entities to join Engie New Ventures, Macquarie and the Low Carbon Innovation Fund as an investor in Connected Energy. Other new investors include Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria and OurCrowd.


Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up


The trusted reference and buyer’s guide for 83 years

The original “desktop search engine,” guiding nearly 10,000 users in more than 90 countries it is the primary reference for specifications and details on all the components that go into engine systems.

Visit Now

Becky Schultz Vice President of Content Tel: +1 480 408 9774 E-mail: [email protected]
Julian Buckley Editor Tel: +44 (0) 1892 784088 E-mail: [email protected]
Chad Elmore Managing Editor Tel: +1 262 754 4114 E-mail: [email protected]
Josh Kunz Power Progress Brand Manager Tel: +1 414 379 2672 E-mail: [email protected]
Roberta Prandi Power Progress International Brand Manager Tel: +39 334 6538183 E-mail: [email protected]
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: [email protected]