Volvo Invests in Electric Charging Company

Nov. 2, 2020

Volvo Group Venture Capital AB has invested in Momentum Dynamics, which develops high-power wireless charging of electric vehicles. In a press release, Volvo describes Momentum as specializing in “inductive charging for the automotive and transportation industries, especially suitable for commercial electric, autonomous, and connected vehicles.” The investment group is a subsidiary of The Volvo Group.

“Momentum Dynamics’ technology and competence within inductive bi-directional transmission of electrical energy and information safely through air, water, and ice will fit the harsh conditions under which our customers operate,” according to Per Adamsson, VP at Volvo Group Venture Capital. “High-capacity charging up to 300 kW for trucks, buses, construction equipment, industrial, and marine applications will support the electrified transition.

Wireless electric charging allows any type of vehicle to automatically and without supervision connect to the electrical power grid without the use of wires or cables. Without the need for a driver to plug in their vehicle to a charging station, automatic and bi-directional “electric fueling” may occur frequently and opportunistically. The result, Volvo says, is efficient use of battery capacity, longer driving ranges, and improved uptime.

Momentum Dynamics is conducting pilots in Europe and North America with both fleets and vehicle manufacturers of cars, buses, trucks, and trains.

“For Volvo Group we are strengthening our competence and knowledge of charging and electricity distribution within the ecosystem around electric transportation and energy supply,” says Stefan Söderling, Investment Director at Volvo Group Venture Capital, in the release. “We see partnership, cooperation. and investments as the way forward in a fast-changing environment.”

Construction Equipment reports on Volvo's work toward an electric site in the video below.

Source: The Volvo Group