KEY HIGHLIGHTS
- Collaboration for Sustainable Battery Recycling: VinFast partners with Marubeni to recycle used EV batteries, contributing to a circular economic model.
- Affordable Battery Energy Storage Systems: Marubeni will transform the recycled batteries into cost-effective and easy-to-manufacture Battery Energy Storage Systems (BESS).
- Innovative Recycling Process: The recycling process, outlined in a memorandum of understanding, avoids disassembly, processing, and repackaging of used batteries, promoting a sustainable approach to battery life cycle management.
Credit: (AP Photo/Marcio Jose Sanchez, File)
VinFast and Marubeni Collaborate to Revolutionize EV Battery Recycling
In a significant development, Vietnamese electric vehicle (EV) manufacturer VinFast announced on Monday that it has entered into a memorandum of understanding (MoU) with Japan’s Marubeni Corp (8002.T) to undertake the recycling of used EV batteries.
Under the agreement, VinFast will be responsible for supplying the used batteries, while Marubeni will leverage its expertise to repurpose these batteries into affordable Battery Energy Storage Systems (BESS) that are designed for ease of manufacturing, as detailed in a statement released by the Vietnamese company.
What sets this collaboration apart is that the recycling process will not necessitate the disassembly, processing, and repackaging of the batteries, according to the terms of the deal. This agreement was formalized over the weekend during a regional leaders summit held in Japan.
The primary objective of this partnership, according to the involved parties, is to contribute to the establishment of a circular economic model. This forward-thinking approach aligns with the broader sustainability goals of both VinFast and Marubeni.
VinFast, established in 2017 and financially backed by Vietnam’s largest conglomerate, Vingroup (VIC.HM), achieved a milestone in late August with its debut on the Nasdaq stock exchange. This latest collaboration underscores the company’s commitment to innovation and sustainability in the rapidly evolving electric vehicle industry.
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Source(s): Deal Street Asia
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