Volvo Cars investing in blockchain technology
Volvo Cars has made an investment in blockchain technology firm Circulor through the Volvo Cars Tech Fund, the company’s venture capital investment arm.
The companies have been working together to boost the traceability of cobalt used in the batteries of its electric cars and Circulor’s blockchain technology is used throughout Volvo Cars’ battery supply chain. The company says it will achieve 100 per cent traceability of cobalt used in the XC40 Recharge P8 EV that will go into production this year.
Volvo adds that its investment will allow both companies to expand their focus beyond cobalt and include looking at increasing traceability of mica, a mineral used as isolation material in the battery pack of electric Volvos.
Volvo Cars and Circulor are also investigating the possibility to expand their blockchain technology cooperation to other areas, for example tracking and reducing CO2 footprints.
“We are committed to an ethical supply chain for our raw materials, and our partnership with Circulor has been instrumental in that regard,” said Martina Buchhauser, Chief Procurement Officer at Volvo Cars. “By supporting Circulor’s ongoing development we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.”
18 August 2020