Volvo Cars makes strategic investment in Swedish Open Energy data platform

Sweden-based Open Energy data platform Eliq has secured strategic investment from the venture capital arm of Volvo Cars, the Volvo Cars Tech Fund, making it the first automotive manufacturer to invest in and work with the platform.

Eliq, which has offices in the UK, Sweden and Lithuania, was founded in 2016 and partners with European energy providers and banks, to provide customers with personalised energy management.

Its platform does this by translating billions of data points into “digestible patterns” and personalised insights, such as estimated daily consumption.

Following an initial incubation period, the plan is to make the service available to customers of Volvo Cars so that they are better informed about their household energy usage, energy costs and the environmental impact.

Ann-Sofie Ekberg, chief executive officer of Volvo Cars Tech Fund, said: “There has never been a greater need for smarter, more sustainable and more efficient energy systems.

“By combining the reach of Volvo Cars with the technological expertise within Eliq, we believe we can help our customers to better control their energy costs, while empowering them to make a positive difference in the world.”

Head of Volvo Cars Energy Solutions, Alexander Petrofski, said that Volvo Cars’ ambition is to create a home energy ecosystem that can “seamlessly work with all flexible assets in the home”, including electric vehicles, bringing “significant benefits to our customers and society”.

Håkan Ludvigson, chief executive officer of Eliq, added: “Volvo Cars’ commitment to innovation and sustainability aligns perfectly with our mission to empower consumers with the data and insights they need to optimise their energy use.

“Together, we can accelerate the transition to cleaner energy ecosystems, bringing seamless energy management to homes and vehicles alike.”