Emphasizing its ambition of full electrification in car manufacturing by 2030, Volvo Cars Tech Fund invested in the Shanghai-based power electronics pioneer, Leadrive.
Established in 2017, Leadrive has carved a distinctive niche with its expertise in power electronics and control units tailored for electric vehicles. Their prowess lies in creating power modules harnessing the groundbreaking silicon carbide (SiC) technology, a semiconductor that offers unmatched efficiency and adaptability for electric propulsion systems.
Alexander Petrofski, CEO of the Volvo Cars Tech Fund, remarked on this strategic move, “Leadrive’s technology demonstrates a lot of potential for the development of more efficient electric drivetrains. That potential closely aligns with our focus on electrification, so we’re excited to invest in the company and help it to continue growing its business.”
Echoing this sentiment, Jie Shen, the dynamic founder and CEO of Leadrive, stated, “Volvo Cars and Leadrive have been working very closely on the development of new generation SiC technologies, which has built a firm stairway towards the strategic collaboration. This is a great milestone in Leadrive’s global strategy and demonstrates the huge potential of our cooperation in advanced electrification technology.”
The investment in Leadrive aligns seamlessly with Volvo’s unwavering focus on vertical integration, emphasizing both developing core electrification components in-house and strategizing collaborations with adept partners. Reflecting this commitment, Volvo transitioned the production of e-motors and inverters internally and actively cultivates its battery management software ecosystem. Beyond that, the automaker collaborates with Novo Energy, a joint initiative with Northvolt, aiming to refine battery chemistry for optimal vehicle integration.
These endeavors enable Volvo to command comprehensive dominance over the electrical propulsion of its electric cars while broadening its technological horizons with innovators like Leadrive.
Initiated in 2018, the Volvo Cars Tech Fund was envisioned to bolster transformative technologies that reshape the automotive landscape. With a spectrum of interests spanning artificial intelligence, electrification, autonomous driving, sustainability, and digital commerce, the fund fortifies startups, accelerating the evolution of the global mobility sector.
Leadrive’s recent fundraising endeavor has the Volvo Cars Tech Fund securing a minority stake in the startup, with specific financial details remaining veiled.
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