Volvo Group‘s subsidiary Volvo Group Venture Capital announced investment in U.S.-based wireless charging specialist Momentum Dynamics.
Volvo didn’t disclose details of the transaction, besides the fact that it “has no significant impact on the Volvo Group’s earnings or financial position”, so we assume it’s just minority stake – important cash injection for Momentum Dynamics and access to tech for Volvo.
Momentum Dynamics offers wireless charging system (bi-directional if needed) with power of up to 300 kW, for trucks, buses, construction equipment, industrial and marine applications. – according to Insideevs.com
“Momentum Dynamics is a Philadelphia-based company developing and commercializing high power inductive charging for the automotive and transportation industries, especially suitable for commercial electric, autonomous and connected vehicles.”
“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 – resulting in 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.”
“Volvo Group Venture Capital is constantly on the look-out for new investments with innovative and entrepreneurial companies supporting the Volvo Group business and its transformation – especially in the areas of electromobility, autonomous vehicles and connectivity. With the objective of accelerating new business growth, Volvo Group Venture Capital invests in companies driving product, service and solutions in the transport and infrastructure industries.”