Volvo Group Partners with Vattenfall for Renewable Electricity Supply from Bruzaholm Wind Park

Volvo Group Partners with Vattenfall for Renewable Electricity Supply from Bruzaholm Wind Park

(IN BRIEF) Volvo Group has entered a long-term agreement with Vattenfall, Sweden’s largest renewable electricity producer, to purchase 50% of the renewable electricity generated at the Bruzaholm wind park over a 10-year period. The partnership is part of Volvo Group’s commitment to achieving a net-zero greenhouse gas emissions value chain by 2040. The Bruzaholm wind park, consisting of 21 turbines, will begin construction in 2023 and be operational by 2025. The agreement marks a significant step for Volvo Group in its transition to sustainable transport and infrastructure solutions.

(PRESS RELEASE) GOTHENBURG, 23-May-2023 — /EuropaWire/ — The Volvo Group (STO: VOLV-B), a Swedish multinational manufacturing company, has announced a long-term agreement with Vattenfall, Sweden’s largest renewable electricity producer. The agreement entails Volvo Group committing to purchase 50% (approximately 230GWh/year) of the renewable electricity generated at Bruzaholm wind park in Sweden over a 10-year period, commencing in the last quarter of 2025.

This strategic partnership with Vattenfall represents a significant step towards Volvo Group’s ambitious goal of achieving a net-zero greenhouse gas emissions (GHG) value chain by 2040, aligned with the objectives of the Paris Climate Agreement. Bruzaholm wind park, comprising 21 wind turbines and supporting infrastructure, is slated to commence construction in the summer of 2023 and be operational by autumn 2025, coinciding with the start of the agreement.

Volvo Group is actively pursuing sustainable growth by offering customers electric products and biofuels as key solutions to reduce GHG emissions. Simultaneously, the company is diligently working to minimize its own operational carbon footprint and drive sustainability across its entire value chain in collaboration with its partners. Transitioning from fossil energy sources to renewable, low GHG-intensive energy sources like wind, solar, and hydropower is a crucial aspect of this commitment. The partnership with Vattenfall enables Volvo Group to further diversify its renewable energy sources and accelerates its journey towards achieving net-zero emissions.

By securing a reliable supply of renewable electricity from Bruzaholm wind park, Volvo Group solidifies its position as a leader in sustainable transportation and demonstrates its dedication to driving the transition to cleaner energy. The company remains committed to driving innovation and working towards a sustainable future in line with its comprehensive environmental objectives.

“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.

SOURCE: AB Volvo