VinFast to utilize old electric car batteries for stationary storage
The memorandum of understanding that has now been signed aims to demonstrate that electric car batteries can be easily and cost-effectively converted into stationary batteries without having to dismantle, test and repackage the batteries. VinFast will supply the used electric car batteries and Marubeni will provide feasibility studies, technical advice and the introduction of energy storage systems. The investment group is working together with the American start-up B2U Storage Solutions, in which it invested in 2021.
The memorandum of understanding signed by the two companies also provides for cooperation to drive forward further business models in the field of recycled electric vehicle batteries with the aim of establishing a circular economy model.
“This signing marks a significant step in VinFasts strategy to establish a circular economy model and further reduce the environmental footprint of our manufacturing activities,” says Pham Nhat Quan Anh, Deputy CEO of VinFast Manufacturing Division. “Optimizing the lifecycle of electric vehicle batteries not only enhances access to smart electric mobility but also fosters a green and sustainable future for all.”
Satoru Harada, COO of the Power Division at Marubeni, added: “Leveraging our strengths and extensive experience in implementing large-scale energy projects across the global value chain, including battery recycling technologies, Marubeni expects to further enhance the strategic cooperation with VinFast to develop solutions that contribute to building a circular economy and promoting climate change mitigation policies.”
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