Volvo Venture Capital invests in EV charging software firm Driivz

Volvo Venture Capital invests in EV charging software firm Driivz
1 year ago
2 mins read

The Volvo Venture Capital, a subsidiary of Swedish vehicle manufacturing firm Volvo Group, has invested an unspecified amount in electric vehicle charging software company Driivz.

A press statement from Volvo indicates the deal is part of offering electric vehicle solutions to customers. According to Volvo, the deal has no significant impact on the group’s earnings or financial position.

Volvo Venture Capital Investment Director Erik Johansson says the partnership is in line with the demand for electric vehicles. 

“The collaboration with Driivz will play an important role in the Volvo Group’s efforts to help customers to electrify their transport solutions. We are impressed by the company, and we believe the Volvo Group can add considerable value to the development of the business in the future,” said Johansson. 

Ongoing pilot project

Furthermore, Driivz has rolled out a pilot project in partnership with Volvo Trucks and Volvo Group. The project is part of meeting the charging specification of electric truck customers. Driiz CEO Doron Frenkel says: 

“We’re proud to be working with the Volvo Group, which is playing a leading role in the electrification of truck fleets. The investment reinforces our belief in our business model and used for geographic expansion and continuous product innovation.

The press statement adds the Volvo Venture Capital branch is rolling out strategic investments in sectors with growth potential. The group’s focus is currently on logistics services, site solutions, and electrical infrastructure. 

The Driivz platform software integrates with charging points and electric vehicle fleets. Its solutions serve customers in the utility, oil and gas, and automotive industries and among charging network operators.

In 2020, Volvo also invested in a blockchain firm Circulor through its venture capital investment arm, Volvo Cars Tech Fund. The partnership will help both companies to explore ways of harnessing blockchain technology to improve Volvo’s products. 

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.