VOLVY - Volvo Penta buys majority stake in marine battery systems pioneer ZEM AS

Volvo Penta (VOLVY) is expanding its capabilities, experience, and range by becoming the majority shareholder of Norwegian marine battery and electric driveline solutions supplier ZEM AS.The financial terms were not disclosed.ZEM has delivered battery solutions to many different applications, ranging from ferries, offshore supply vessels, high-speed passenger ships, lifeboats, and the aquaculture sector."The switch from diesel-based technology to electrification will be a key element in our transformation, alongside other new technological advancements," says Heléne Mellquist.This transaction has no significant impact on the Volvo Group's earnings or financial position.Press Release

For further details see:

Volvo Penta buys majority stake in marine battery systems pioneer ZEM AS