How much of an impact will the new cooperative agreement have?
The partnerships is likely to produce significant results because both companies bring a lot to the table. Volvo is a top manufacturer of heavy equipment, invests heavily in technological innovation, and is a leader in terms of heavy equipment electrification. For its part, CRH is among the world’s largest providers of building materials solutions. It is active in nearly 30 countries around the world. The partnership will leverage the immense financial resources and R&D capabilities of Volvo and CRH, and build on the independent environmental initiatives of both companies.
What kind of real-world changes can we expect to see in the next 5 to 10 years?
Volvo and CRH plan to accelerate the production and deployment of electric and hybrid construction equipment globally; expand the charging station networks of numerous countries; and invest in renewable energy. Both companies have set ambitious net zero targets and are likely to make significant progress in the next decade. These targets were designed to align with the aims of the Paris Agreement,
It appears that Volvo and CRH are likely to benefit financially from the new cooperative agreement long-term. Both will also likely strengthen their position in key markets as well. I can see other industry participants forming similar partnerships in the future.