Volvo Group unit Volvo Power is investing within the UK-based, second-life battery vitality storage specialist Linked Power so as, it says, to additional speed up Volvo Group’s battery enterprise and sustainability alternatives.
In its mission to assist and safe a lovely and sustainable round enterprise mannequin for batteries, Volvo Power is investing approx. SEK 50 M for 10 % within the UK-based second-life battery vitality storage specialist Linked Power.
“There’s a substantial amount of untapped potential within the second-life use of batteries. This forward-leaning funding goals to facilitate the scaling-up of second-life battery vitality storage techniques and additional safe round enterprise alternatives for the forthcoming ramp-up in Volvo Group’s second-life battery returns,” says Joachim Rosenberg, President Volvo Power.
“Along with Linked Power, we’ll decrease the environmental affect of the batteries that has powered Volvo Group autos. By repurposing the batteries, we receive the total worth from them – from a local weather, atmosphere and enterprise perspective.”
“We couldn’t be extra happy to welcome our new investor Volvo Power on board and look ahead to forging a path to growing the sustainability of each electrical autos and grid related vitality storage. Our collaboration will allow us to optimize the potential for battery reusage and make sure that the sources within the batteries are used successfully,” says Matthew Lumsden, CEO Linked Power.
Volvo Power is one in every of 5 new buyers together with Caterpillar Enterprise Capital Inc., the Hinduja Group, Mercuria, OurCrowd to hitch current buyers of Linked Power; Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.
About Volvo Power
Volvo Power is a enterprise space throughout the Volvo Group devoted to offering important assist and infrastructure through the first-life, i.e. when batteries are mounted on autos, while subsequently securing dependable and sustainable second-life alternatives previous to battery recycling. Consequently, Volvo Power helps to optimize first-life, creates and prolongs the second-life alternatives and thereby increasing the worth creation from a local weather, atmosphere and enterprise perspective.
About Linked Power
With its headquarters in Newcastle upon Tyne, Technical Centre in Norfolk and techniques operational within the UK, Belgium, Germany and Netherlands, Linked Power is one in every of solely a handful of corporations on the earth to have confirmed that second life automobile batteries can be utilized in industrial battery storage techniques. Linked Power has sixteen operational techniques throughout Europe: Belgium, Germany, the Netherlands and the UK with its largest at Cranfield College in Bedfordshire, England.
