Volvo Penta Acquires Marine Battery Systems Supplier

Volvo Penta announced June 2 that it had acquired a majority stake in marine battery systems supplier ZEM AS.

ZEM has 12 years of market experience as a supplier of both marine battery systems and complete electric drivelines and a strong track record in Norway, the most mature marine e-mobility market in the world, Volvo Penta said in the announcement.

“As a part of the Volvo Group’s great electromobility initiatives, Volvo Penta has a solid technology foundation to leverage,” said Peter Granqvist, chief technology officer for Volvo Penta. “Marine electromobility, however, has a unique set of requirements. There are very specific considerations of utmost importance around the installation environment, safety, the use case itself as well as the current lack of charging infrastructure.”

These are challenging issues that require innovative problem-solving and experience, he said, adding that marine regulations differ from those on road.

“We believe that bringing different perspectives and experiences together is key when it comes to developing, and progressing, within the field of marine electromobility,” Granqvist said. “The ambition of this fantastic acquisition is to take another step forward in our electromobility development, thanks to the specialized marine competence and offer that ZEM has today.”

ZEM’s core team has a background in electromobility that dates back to 1993. In 2009, ZEM was founded as an adviser to the maritime and offshore sector to design battery and hybrid solutions. 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. 

“Joining forces with Volvo Penta marks the start of an exciting new phase for ZEM,” said Jan-Olaf Willums, founder of ZEM. “Our two companies are aligned on such core values as safety and environmental protection, and we both have that Scandinavian pioneering spirit. Volvo Penta’s name and market reach will help propel us into new electromobility markets supporting our growth.”

ZEM will continue to operate under its current brand, and under the leadership of longtime CEO Egil Mollestad. Although ZEM will continue to grow its battery and complete driveline business, over time the two companies will create complete packages together.