July 1, 2008
US DOE and SEA Expand Driveline Co-Operation With Volvo
The US Department of Energy and the Swedish Energy Agency have extended their co-operation with the Volvo Group, by providing a three-year grant to Volvo in a combined amount of $18 million for the development of hybrid technology and drivelines for alternative fuels.
The co-operation will have a duration of three years and is an extension of the one-year research and co-operation agreement signed between the Volvo Group, and the Swedish and US governments in June 2007.
The co-operation is aimed at reducing heavy vehicles' use of fossil fuels through research and development projects in the areas of energy efficiency, drivelines for alternative fuels and hybrid solutions.
The US Department of Energy (DoE) and the Swedish Energy Agency (SEA) intend to each invest a total of $9 million during the three years that the co-operation will be under way.
The Volvo Group for its part has undertaken to invest an amount corresponding to $18 million, which means that the total investment in research and development within the framework of the co-operation agreement amounts to $36 million.