Volvo Partners With Sweden's Vattenfall For Renewable Electricity - Volvo (OTC:VLVLY)

Volvo AB VLVLY has signed a long-term agreement with Vattenfall, the largest producer of renewable electricity in Sweden. The financial terms were not disclosed.
Under the agreement, Volvo Group is committed to buying 50% (~230GWh/year) of the renewable electricity produced at Bruzaholm wind park in Sweden over 10 years starting in the last quarter of 2025.
The partnership is a step forward in Volvo's commitment to reach a net-zero greenhouse gas emissions (GHG) value chain by 2040.
Containing 21 wind turbines with associated facilities, construction of the Bruzaholm wind park is scheduled to commence in summer 2023 and to be ready for commission by the autumn of 2025.
"The industry's energy transition is taking place here and now – the key to success is collaboration, no one can tackle the challenge completely on their own," said Vattenfall’s CEO and President Anna Borg
Price Action: VLVLY shares are trading lower by 1.12% at $19.50 on the last check Tuesday.