By Dominic Chopping

STOCKHOLM--Volvo AB said Wednesday that its Volvo Penta unit has acquired a majority stake in Norwegian marine battery and electric driveline solutions supplier ZEM AS.

ZEM was founded in 2009 as an advisor to the maritime and offshore sector to design battery and hybrid solutions. The company has delivered battery solutions for ferries, offshore supply vessels, high-speed passenger ships, lifeboats and the aquaculture sector.

"With this acquisition, we are now able to offer driveline solutions for marine customers through ZEM and also contribute to the broader marine electromobility footprint through battery supply," said Helene Mellquist, president of Volvo Penta, the company unit for marine and industrial applications.

ZEM will continue operating under its current brand and under the leadership of long-term Chief Executive Egil Mollestad, and although ZEM will continue to grow its battery and complete driveline business, over time the two companies will create complete packages together, Volvo said.

The deal has no significant impact on Volvo Group earnings or its financial position, it added.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

06-02-21 0544ET