It joins the Hinduja Group and others who have invested in the UK company that transforms second life vehicle batteries.
Volvo Energy has joined a slew of new investors such as Caterpillar VC Inc, Mercuria and OurCrowd and Hinduja Group to invest in Newcastle, UK-based Connected Energy which makes second-life vehicle batteries into commercial battery storage systems.
Connected Energy has 16 operational systems across Europe in countries like Belgium, Germany, and the Netherlands with its largest located at Cranfield University in the UK. Engie New Ventures, Macquarie and the Low Carbon Innovation Fund are the existing investors in Connected Energy, said Volvo Energy in a statement.
Joachim Rosenberg, President, Volvo Energy said the investment by his company, is aimed at facilitating the scaling up of second-life battery energy storage systems and further securing circular business opportunities for the forthcoming ramp-up in Volvo Group’s second-life battery returns. “ By repurposing the batteries, we obtain the full value from them – from a climate, environment and business perspective,” he said.
With an estimated 6.7 million pure EVs operational worldwide and 34.7 million predicted worldwide by 2030, the potential for battery reuse is vast, as is the need to ensure the resources in the batteries are used effectively. With this investment, Connected Energy aims to scale up its business to utilise a predicted ramp-up in second life battery availability in 2024-25.
Volvo Energy will provide essential support and infrastructure during the first-life, i.e. when batteries are mounted on vehicles, whilst subsequently securing reliable and sustainable second-life opportunities prior to the commencement of battery recycling. Volvo Energy is investing approximately Swedish Krona 50 million for a 10 percent stake in the venture.
Industry projections suggest that in 2030 around 1 million tonnes of EV batteries could become available for reuse and by 2035, global requirements for stationary energy could be met by second-life batteries.
“Our collaboration will enable us to optimise the potential for battery reuse and ensure that the resources in the batteries are used effectively,” said Matthew Lumsden, CEO, Connected Energy.
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