Scaling grid innovation: Volvo Penta follow-on investment in UtilityInnovation Group
Rhea-AI Summary
Volvo Penta announced a follow-on investment in UtilityInnovation Group (UIG), a USA and Ireland-based company specializing in resilient utility systems and decentralized energy solutions. The investment strengthens Volvo Penta's position in the energy infrastructure market as a supplier of battery energy storage (BESS) subsystems. UIG will scale its operations to meet growing demand for sustainable electric grid infrastructure, focusing on expanding resilient energy solutions, driving BESS adoption, and deploying their GridSure platform. The partnership aims to address challenges in data center power demands and grid evolution. The transaction has no significant impact on Volvo Group's earnings or financial position.
Positive
- Strategic expansion into growing energy infrastructure market
- Partnership enhances BESS subsystems capabilities for high energy demand sectors
- Development of advanced energy storage solutions for data centers and microgrids
Negative
- No significant impact on earnings or financial position
News Market Reaction
On the day this news was published, VLVLY gained 6.16%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
GOTHENBURG, Sweden, Nov. 7, 2024 /PRNewswire/ -- Volvo Penta announced a follow-on investment in UtilityInnovation Group (UIG), a USA and Ireland based company specializing in resilient, innovative utility systems and decentralized energy solutions. This strategic investment marks a continued commitment to driving the energy transition. It also underlines Volvo Penta's role in the growing global market for energy infrastructure as an independent supplier of energy-dense battery energy storage (BESS) subsystems.
Building upon the partnership established with Volvo Penta's initial investment in 2023, UtilityInnovation Group (UIG) will scale its expertise to meet the accelerating demand for more dynamic, sustainable electric grid infrastructure. "This follow-on investment in UtilityInnovation Group reflects our commitment to advancing reliable and efficient electrified power solutions as part of our broader net-zero ambitions," said Anna Müller, President of Volvo Penta.
The exponential demand for data center power and the complexity of grid evolution can be met by UIG's skillset and ability to integrate Volvo Penta's energy-dense and robust BESS subsystems. Supported by Volvo Penta, UIG aims to:
- Expand the reach of resilient energy solutions: By combining Volvo Group's technology and global footprint with UIG's deep integration expertise, the continued partnership will enable the delivery of larger innovative energy developments for a range of global customers, including utilities, data centers, and large energy users.
- Drive the adoption of advanced Battery Energy Storage Solutions (BESS): The investment will support the development and commercialization of UIG's cutting-edge Energy Storage for Resiliency (ESR) platform. ESR is intended to enhance power stability, alleviate the load challenges of energy-intense artificial intelligence or machine learning data centers, and optimize large microgrids.
- Deploy the GridSure advantage: UIG's integrated controls and asset management platform, GridSure, leverages data-driven insights and cyber-secure AnywhereEngineering tools to manage grid capacity, improve overall system resilience, and monitor infrastructure.
"The investment in UtilityInnovation Group highlights the potential we see in our BESS subsystems for high energy demand sectors," said Hannes Norrgren, President of Volvo Penta's Industrial Business. "Entrepreneurial companies like them bring specialized expertise that enhances our capabilities to meet future demands and accelerate time-to-market with pioneering solutions."
Sidney Hinton, Founder and CEO of UIG, added, "We are thrilled to deepen our partnership with Volvo Penta. Their global reach and commitment to sustainability make them an ideal partner as we work to address the critical challenges facing the energy sector today."
The investment in UtilityInnovation Group further strengthens Volvo Penta's role in supporting the global energy transition and reflects the company's dedication to developing solutions that contribute to a more sustainable and resilient future.
The transaction has no significant impact on the Volvo Group's earnings or financial position.
For more information, please contact:
Melissa Zhuo
Volvo Penta PR and Communications
Tel: +46(0) 739026626
Email: melissa.zhuo@volvo.com
For more information, please visit volvopenta.com
Volvo Penta is a global manufacturer of engines and power systems for boats, vessels, and industrial applications, with a century of experience and a global network of nearly 3,500 dealers across 130 countries. The company is recognized for producing high-quality, reliable, and performance-driven power solutions. As part of the Volvo Group, Volvo Penta is committed to reducing dependence on fossil fuels and moving towards sustainable solutions at sea and on land.
UtilityInnovation Group (UIG) is a leader in designing, building, protecting, and operating the global carbon-free grid of the future. UIG, founded by the core leadership team that helped shape the US microgrid market, specializes in utility protection and controls engineering, substation and distribution development, microgrid development, and grid resiliency. Together with their partners, UIG has developed an industry-leading, international presence dedicated to their mission of shaping the future of electric grid infrastructure across the globe through an explicit focus on decarbonization and the ever-increasing need for resiliency.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Scaling grid innovation: Volvo Penta follow-on investment in UtilityInnovation Group | |
https://mb.cision.com/Public/39/4062898/a3699606ececd924_org.png | Volvo PR Picture 1860x1050 |
FAQ
What is the purpose of Volvo Penta's investment in UtilityInnovation Group?
How will the VLVLY investment affect Volvo Group's financial performance?
What are the main focus areas of the Volvo Penta-UIG partnership?
