Volvo will track batteries with blockchain technologyJuly 9, 2020
The Swedish company intends to invest in the blockchain technology company Circulor through the Volvo Cars Tech Fund, a brand venture investment division.
In recent years, Circulor and Volvo Cars have been working together to introduce blockchain technology to improve the traceability of cobalt used in electric vehicle batteries. Circulor blockchain technology is used today in the entire Volvo Cars battery supply chain to achieve 100 percent cobalt traceability used in the XC40 Recharge P8, the first all-electric car of the brand. Production of the XC40 Recharge P8 will begin later this year in Ghent, Belgium.
Investments in Volvo Cars’ Circulor allow both companies to expand their business not only through cobalt tracking, but also by increasing the traceability of mica, the mineral used as insulation material in the battery of Volvo electric cars.
Volvo Cars and Circulor are also exploring the possibility of expanding collaboration in blockchain technology in other areas, for example, by tracking and reducing CO2 emissions.
“We are committed to the ethical supply chain of our raw materials, and our collaboration with Circulor has played an important role in this,” said Martina Buchhauser, Purchasing Director at Volvo Cars. “By supporting the ongoing development of Circulor, we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.”
Volvo Cars was the first car manufacturer to implement the global cobalt tracking system used in Volvo car batteries. The technology developed by Circulor is being implemented in collaboration with CATL and LG Chem, Volvo Cars battery partners.
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