Announced
Completed
Financials
Tags
Private
Friendly
Electronic Components and Equipment
Cross Border
Majority
Completed
Acquisition
Commercial Vehicles and Parts
electromobility
Single Bidder
Norway
energy storage
Synopsis
Volvo Penta, a manufacturer of diesel engines, completed the acquisition of ZEM AS, an energy storage company. Financial terms were not disclosed. "As a part of the Volvo Group's great electromobility initiatives, Volvo Penta has a solid technology foundation to leverage. Marine electromobility, however, has a unique set of requirements. There are very specific considerations of utmost importance around the installation environment, safety, the use case itself as well as the current lack of charging infrastructure," Peter Granqvist, CTO Volvo Penta.
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