Volvo Group’s Volvo Penta made a majority investment in Zem AS, a Norwegian marine battery and electric driveline solutions supplier.
The amount of the deal was not disclosed.
With the acquisition, Volvo Penta will support Zem’s growth through its established network, while Zem’s experience will allow Volvo Penta to accelerate development projects. Together the companies will expand and accelerate Volvo Penta’s range and capabilities in marine electromobility.
Launched 12 years ago by Jan-Olaf Willums, Zem is a supplier of both marine battery systems and complete electric drivelines. Today, the company has delivered battery solutions to many different applications, ranging from ferries, offshore supply vessels, and high-speed passenger ships, to lifeboats and the booming aquaculture sector.
Zem will remain operating under its current brand, and under the leadership of Egil Mollestad, its CEO. Although, the company will continue to grow its battery and complete driveline business, over time the two companies will create complete packages together.