GOTHENBURG, Sweden, May 23, 2023
/PRNewswire/ -- Amid increasing demand for clean energy,
Volvo Group has today signed a long-term agreement with Vattenfall,
the largest producer of renewable electricity in Sweden. The agreement means that Volvo Group
is committed to buying 50% (~230GWh/year) of the renewable
electricity produced at Bruzaholm wind park in Sweden, over a 10-year period starting in the
last quarter of 2025.
This partnership with Vattenfall is a step forward in the
Group's commitment to reach a net-zero greenhouse gas emissions
(GHG) value chain by 2040 and achieve the aims of the Paris Climate
Agreement. Containing 21 wind turbines with associated facilities,
construction of the Bruzaholm wind park is scheduled to start in
summer 2023 and to be ready for commission by the autumn of 2025
when the agreement begins.
Volvo Group is on a growth journey offering customers
sustainable transport and infrastructure solutions with electric
products and biofuels as key enablers to reduce GHG emissions. In
parallel, Volvo Group is working on reducing the greenhouse gas
footprint from its own operations and across the entire value
chain, step-by-step, together with its partners. Part of this
involves replacing remaining fossil energy sources in its
operations with renewable low GHG intensive energy sources such as
wind, solar and hydropower and enabling the societal transition to
renewable electricity. By diversifying through various renewable
sources this agreement adds capabilities for Volvo Group's
continued transition to net zero.
"This partnership marks an additional step in continuously
reducing the environmental impact from our own industrial
activities. The agreement signals our commitment to prioritize
low-carbon investments, source renewable energy, and take climate
action across everything we do," says Martin Lundstedt, President and CEO of Volvo
Group.
"The industry's energy transition is taking place here and now –
the key to success is collaboration, no one can tackle the
challenge completely on their own. Today's agreement is an example
of how Volvo Group has chosen to be at the forefront of its
electrification and climate work. We are pleased to be able to
support them on their journey. By expanding fossil-free energy
sources, collaborating to electrify processes that are currently
based on fossil fuels, using our fossil-free electricity and
developing charging infrastructure, we can contribute to the
phasing out of fossil fuels in the entire transport sector," says
Vattenfall's CEO and President Anna
Borg.
About Vattenfall
Vattenfall is a leading European energy company, which for more
than 100 years has electrified industries, supplied energy to
people's homes and modernised our way of living through innovation
and cooperation. Vattenfall now want to make fossil-free living
possible within one generation. That's why the company is driving
the transition to a sustainable energy system through initiatives
in renewable production and climate smart energy solutions for
customers. Vattenfall employ approximately 20,000 people and have
operations mainly in Sweden,
Germany, the Netherlands, Denmark, and the UK. Vattenfall is owned by
the Swedish state.
For more information: group.vattenfall.com
Journalists wanting further information, please
contact:
Claes Eliasson, Volvo Group Media
Relations, +46 76 553 72 29
For more information, please visit
volvogroup.com
For frequent updates, follow us on
Twitter: @volvogroup
The Volvo Group drives prosperity through transport and
infrastructure solutions, offering trucks, buses, construction
equipment, power solutions for marine and industrial applications,
financing and services that increase our customers' uptime and
productivity. Founded in 1927, the Volvo Group is committed to
shaping the future landscape of sustainable transport and
infrastructure solutions. The Volvo Group is headquartered in
Gothenburg, Sweden, employs more
than 100,000 people and serves customers in almost 190 markets. In
2022, net sales amounted to SEK 473
billion (EUR 45 billion).
Volvo shares are listed on Nasdaq Stockholm.
The following files are available for download:
https://mb.cision.com/Main/39/3772883/2074261.pdf
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SOURCE AB Volvo