Volvo Backs Truck Platooning Tech Company
Volvo Group said its venture capital subsidiary invested in truck-platooning firm Peloton Technology for an undisclosed amount.
The truck platooning system created by Peloton couples trucks electronically through vehicle-to-vehicle communications, radar-based active braking systems and vehicle control algorithms.
The connected trucks increase fuel efficiency and improve collision avoidance capabilities, according to Volvo.
“Volvo Trucks has long been a leader in offering advanced technology to our customers, and we were the first OEM to lead a platoon,” Göran Nyberg, president of Volvo Trucks North America, said in a statement.
“We look forward to working with Peloton Technology as they work on a platooning solution that will improve safety and fuel efficiency while also combating the costs associated with congestion,” Nyberg said .
A study of the system showed reductions in fuel consumption of 10% for the rear vehicle and more than 4% for the front vehicle, Volvo said in a statement.
“The societal demand for reduced traffic congestion, as well as improved safety on our nation’s highways, will continue to drive the need for innovative advanced technologies, such as platooning,” Stephen Roy, president of Mack Trucks North America, said in a statement.
Peloton also is developing a cloud-based service that helps trucks find platooning partners, collects vehicle and driver data and allows the approval or adjustment of platooning parameters.
“Peloton Technology has assembled a stellar team and developed a technology-based platooning solution with the potential to save a significant amount of fuel and also increase safety for fleets,” said Jonas Landström, investment director and head of the Americas for Volvo Group Venture Capital. “Volvo Group Venture Capital is focused on partnering with companies that help our customers increase their bottom line through technology-based solutions.”
