Volvo invests in second-life battery energy storage company

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Trucking news and briefs for Monday, June 20, 2022:

Volvo Energy invests in second-life battery energy storage company

Volvo Energy announced a new investment in the UK-based, second-life battery energy storage specialist Connected Energy in order to further accelerate Volvo Group's battery business and sustainability opportunities.

In its mission to support and secure an attractive and sustainable circular business model for batteries, Volvo Energy is investing approximately 50 million Swedish Krona (about $4.9 million) for 10% ownership stake in Connected Energy.

"There is a great deal of untapped potential in the second-life use of batteries,” said Joachim Rosenberg, President Volvo Energy. “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."

Rosenburg added that the partnership will allow the companies to “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 one of five new investors in Connected Energy, including Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria and OurCrowd.

Pilot expands into compressed natural gas with new partnership

Pilot Company announced this week that the company is building upon its current initiatives in the alternative fuels space with a new compressed natural gas (CNG) and hydrogen delivery platform.

The expansion includes a partnership with VoltaGrid LLC to develop a low-carbon fuels network that contributes to reduced emissions and decarbonization for third-party customers in industries like water disposal, dual-fuel applications, water heating operations, and natural disaster response. 

Pilot Company’s recent investment in a large-scale fleet of CNG and hydrogen trailers and in VoltaGrid’s low-carbon oilfield and mining services business is estimated to bring 350,000 gallons equivalent of low carbon fuel to the market daily.

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The companies said their partnership will provide customers the ability to:

  • Increase resources and streamline operations through seamless transitions between field gas and CNG supply for electric power generation without having to manage multiple suppliers. 
  • Access a reliable network of CNG, renewable natural gas, diesel, and hydrogen fuel supply paired with VoltaGrid’s turnkey power generation package.
  • Access Pilot’s broad infrastructure base to efficiently supply low carbon fuels for grid reinforcement projects.

Pilot Company hired industry veteran Joshua Edge, with more than 20 years of experience in fuel distribution and terminal management, to lead the expansion.