In its mission to assist and safe a beautiful and sustainable round enterprise mannequin for batteries, Volvo Power is investing roughly SEK 50 million (US$4.9 million) for a ten% stake within the UK-based second-life battery power storage specialist Related Power. The funding got here as a part of a £15-million (US$18.4-million) spherical.
There may be 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 power storage programs and additional safe round enterprise alternatives for the forthcoming ramp-up in Volvo Group’s second-life battery returns. Along with Related Power, we’ll reduce the environmental affect of the batteries which have powered Volvo Group autos. By repurposing the batteries, we acquire the complete worth from them—from a local weather, surroundings and enterprise perspective.
—Joachim Rosenberg, President Volvo Power
Volvo Power is certainly one of 5 new traders together with Caterpillar Enterprise Capital Inc.; the Hinduja Group; Mercuria; and OurCrowd to affix current traders of Related Power: Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.
Volvo Power is a enterprise space throughout the Volvo Group devoted to offering important assist and infrastructure in the course of the first-life, i.e. when batteries are mounted on autos, whereas subsequently securing dependable and sustainable second-life alternatives previous to battery recycling.
With its headquarters in Newcastle upon Tyne, Technical Heart in Norfolk and programs operational within the UK, Belgium, Germany and Netherlands, Related Power has sixteen operational programs throughout Europe: Belgium, Germany, the Netherlands and the UK with its largest at Cranfield College in Bedfordshire, England.
Right here the system permits the location to steadiness its power behind the grid, accommodate a newly enlarged photo voltaic farm and an air supply warmth pump on the district heating to cut back reliance on the gas-combined warmth and energy system (CHP). At different websites comparable to these in Germany, Related Power’s items are serving to to steadiness the power provide the place EV chargers are used on both facet of a motorway.
