Volvo Cars were the first car constructor to implement global traceability of cobalt used in batteries by applying blockchain technology. The technology developed by Circulor is applied in partnership with the renowned battery manufacturers CATL and LG Chem, Volvo Cars’ whose lithium batteries have long served the global automotive industry.
“Once the blockchain has been implemented on our cobalt supply chain we aim to use this for other raw materials supply chains (e.g. mica, lithium, natural rubber). We are also evaluating Circulor as a potential solution for tracking CO2, and batteries after their end of life.”@volvocars
This company has strict sourcing guidelines in terms of technology leadership, responsible supply chains, reduction of carbon emissions and competitive cost models.
Volvo investment in Circulor
This investment in Circulor will allow both companies to extend the focus beyond cobalt, for instance by examining the traceability of mica, a mineral employed as isolation material in the battery pack for electric cars.
“We are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental in that regard”Martina Buchhauser, chief procurement officer at Volvo Cars
Both companies are also exploring the option of expanding the blockchain technology collaboration to other areas, tracking and reducing CO2 footprints for example. This should provide Circulor with the potential to set standards for ethical sourcing in automotive and other industries.
“By supporting Circulor’s ongoing development we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.”Martina Buchhauser, chief procurement officer at Volvo Cars
The arrangement between this car manufacturer, CATL and LG Chem cover the supply of batteries over the coming decade for next-generation Volvo and Polestar models, including Volvo’s first fully electric car, the XC40 Recharge P8.
Disclaimer: Opinions expressed at Bitcoin News Agency are not investment advice. Investors should do their own thorough research before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. Bitcoin News Agency does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Bitcoin News Agency an investment advisor. Please note that Bitcoin News Agency participates in affiliate marketing.
Be the first to leave a review.