Cavotec wins breakthrough cleantech order for industrial battery charging worth over EUR 3M

In a major development signalling Cavotec’s entry into industrial battery charging for heavy-duty vehicles, Cavotec is to supply a proof-of-concept battery charging system for use with heavy-duty mining trucks. The value of this first order is over EUR 3M with a potential for follow-up orders, opening up a market that is estimated to be worth several hundred million euros in the coming years. Delivery is scheduled for the beginning of 2023.

Building on Cavotec’s experience with fast, high-power charging for marine applications and working closely with the customer – a leading green energy technology company – Cavotec will develop a solution to serve as a proof-of-concept for high-voltage charging of electrically-powered heavy-duty vehicles at a mining application in Australia.

This important project highlights how Cavotec is leading the development of large scale industrial battery charging solutions and technologies that will enable industries to decarbonise and reduce their environmental impact.

“This key order highlights how Cavotec’s clean tech expertise is enabling its customers to achieve profitable sustainability by providing the tools for electrification of heavy-duty equipment, a market that is set for considerable growth in the years ahead,” says Mikael Norin, CEO of Cavotec.

“I’m pleased that the considerable investments we have made in technology and capabilities in the last year since announcing our strategy to focus on cleantech for marine and industrial applications are starting to pay off,” Norin adds.

For further details on this release, please contact:

Johan Hähnel
Investor Relations Manager
+46 70 605 63 34; investor@cavotec.com

This information was submitted for publication, through the agency of the contact person set out above, at 08:30 CEST on 25 April 2022.