Volvo Group invests in Pennsylvania-based wireless charging firm, Momentum Dynamics
Published Date | 2019 January 30
The investment of Volvo group in wireless charging firm, Momentum Dynamics, will enhance its business presence in electric vehicles markets and will also drive the global electric charging station market.Global: Volvo Group Venture Capital, a subsidiary of the Volvo Group, has invested in a company that specializes in the high power wireless charging of electric vehicles which is Pennsylvania based company named as Momentum dynamics. It is developing and commercializing "high power inductive charging for the automotive and transportation industries." Momentum Dynamics is currently carrying out pilots in both North America and Europe. These involve fleets and vehicle manufacturers of buses, cars, trains, and trucks. Wireless electric charging allows any type of vehicle to automatically and without supervision connect to the electrical power grid without wires or cables. Electric fueling can occur frequently and opportunistically, extending driving range and improving uptime. Wireless charging enabled vehicles to connect to the electrical power grid without needing to use wires or cables. This can be done automatically and without any supervision. Stefan Soderling, investment director at Volvo Group Venture Capital, said: "For Volvo Group we are strengthening our competence and knowledge of charging and electricity distribution within the ecosystem around electric transportation and energy supply.” According to BlueWeave Consulting, Electric charging station infrastructure is main source for growth of electric vehicles. Electric charging station can be wire equipped or wireless based on available technology. The major keys factors for growth of electric charging station market globally are government supporting and introducing new initiatives to drive the growth of EV and EV charging station industry is driving the growth of the electric vehicle (EV) charging station market. In addition, the price of fuel is constantly increasing which is urging the people to look for better and other energy efficient alternative. Oil price will increase over the forecast period which will accelerate the market demand for electric vehicles and EVs charging stations. Furthermore, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers in EVs will responsible for growth electric charging station market globally. According to BlueWeave Consulting‘s reports, Titled-“ Global Electric Vehicle (EV) Charging Station Market by Product Type (AC EV charging station, & DC EV charging station), by AC EV Charging Station (Level 1 & Level 2), by DC EV Charging Station (CHAdeMO, Combiner charging station & Others), by Installation Type (Residential, & Commercial), by Supplier Type ( Private charging Station & OE charging station) by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2018-2025. Global electric vehicle (EV) charging station market is expected to grow over a CAGR of 29% during 2018-2025 in terms of value. The major keys for growth of global electric charging station market are government supporting and introducing new initiatives, the price of fuel is constantly increasing which is urging the people to look for better and other energy efficient alternative etc. Oil price will increase over the forecast period which will accelerate the market demand for electric vehicles and EVs charging stations. These factors are constantly accelerating the growth of the electric vehicle (EV) charging station market.