Connected Energy wins new investors for second-life battery business20 June 2022

The UK-based, second-life battery energy storage specialist Connected Energy has won five new investors: Volvo Energy, Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria and OurCrowd, who join Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.

With its headquarters in Newcastle upon Tyne, Technical Centre in Norfolk and systems operational in the UK, Belgium, Germany and Netherlands, Connected Energy is one of only a handful of companies in the world to have proven that second life vehicle batteries can be used in commercial battery storage systems. Connected Energy has sixteen operational systems across Europe: Belgium, Germany, the Netherlands and the UK with its largest at Cranfield University in Bedfordshire, England.

Volvo Energy, for example, is investing approx. SEK 50m (£4m) for 10% of the company.

“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,” says Joachim Rosenberg, president, Volvo Energy. He continues: “Together with Connected Energy, we will minimize the environmental impact of the batteries that has powered Volvo Group vehicles. By repurposing the batteries, we obtain the full value from them – from a climate, environment and business perspective.”

Volvo Energy is a business area within the Volvo Group dedicated to providing 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 battery recycling. Consequently, Volvo Energy supports to optimize first-life, creates and prolongs the second-life opportunities and thereby expanding the value creation from a climate, environment and business perspective.

Operations Engineer

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