CATL Signed a Memorandum of Strategic Cooperation with Volvo
Recently, Volvo announced the signing of a strategic cooperation memorandum with CATL, and the two sides will carry out in-depth cooperation in the field of battery cycle closed-loop management. The cooperation aims to promote the recycling of battery materials, reduce the carbon footprint of the full life cycle of electric vehicles, and promote the further landing of sustainable development strategies for both parties.
Power batteries contain a variety of non-renewable metal elements, and their carbon emissions generated during mining and processing account for a significant proportion of the battery production cycle. On the other hand, with the rapid development of China's electric vehicle market, a large number of power batteries will gradually usher in the end of their life, and retired batteries will pose serious challenges to the environment if they cannot be properly handled. The cooperation between Volvo Cars and CATL will focus on the closed-loop management of battery materials, reduce the carbon emissions of the whole life cycle of electric vehicles， and promote the development of a circular economy by dismantling, recycling, and reuse of used batteries.
According to the agreement between the two parties, in the future, Volvo Cars will recycle the decommissioned batteries on its new energy vehicles sold in the market, as well as the batteries scrapped in the factory production process, and turn them over to the downstream suppliers certified by Volvo to disassemble the used batteries, extracting more than 90% of nickel, cobalt, lithium, and other metal materials.
CATL will use these newly extracted recycled materials to produce new batteries and be used in the production of new Volvo cars. The two parties, with the support of their respective research and development departments, will also jointly establish an efficient, collaborative, and transparent management mechanism to ensure that the entire process fully meets Volvo Cars product quality standards and complies with relevant laws and regulations.
Li Hai, Vice President of Supply Chain for Volvo Cars Asia Pacific, said: "The circular economy is an important part of Volvo Cars' sustainability strategy and we are committed to achieving net zero greenhouse gas emissions by 2040, which requires the joint efforts of our supplier partners across the chain. This cooperation with Ningde Times will further reduce the average carbon emissions of Volvo Cars' electric vehicle cycles throughout the life cycle and improve the business model of power battery recycling and reuse, which has a landmark demonstration effect on promoting the sustainable development of the domestic power battery industry."
Tan Libin, co-president of the market system of CATL , said: "CATL has always been committed to solving the core issues of safe, reliable and sustainable development of green energy applications, and has clarified the top-down, inside-out carbon reduction governance ideas, and released the most challenging carbon neutral target for the global lithium battery industry. This agreement with Volvo Cars is an important milestone in the construction of a domestic battery recycling, closed-loop business model, and opens a new chapter in battery cycle closed-loop management."
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