Volvo Invests in Circulor to Trace Cobalt in Its Batteries
Volvo Cars Tech Fund has had an announcement on investing in blockchain tech startup, Circulor.
As the official statement reports, the two companies have been jointly working on the blockchain integration in last years with an intention to enhance the traceability of cobalt which is used in Volvo’s electronic cars. Volvo’s 1st completely electric car, the XC40 Recharge P8 production is set later this year in Belgium.
Speaking about the partnership, Martina Buchhauser, Senior VP:Procurement at Volvo Cars, mentioned that it will increase the sustainability. As she stated, with the ongoing development of Circulor, Volvo Cars will be able to broaden the blockchain usage in its activities, meanwhile, contributing to more maintainable business.
With this step, Volvo Cars has become the 1st car producer to integrate global traceability of cobalt in the batteries with the usage of blockchain.
The Circulor designed tech is executed in partnership with CATL & LG Chem. The deal includes the supply of batteries for the upcoming ten years for next gen Volvo & Polestar models.
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