The car manufacturer Volvo Cars, through the Volvo Cars Tech Fund, has entered the capital of the blockchain technology company Circulor. This was reported by Merca2, in an article whose source was a communiqué from the Scandinavian company.
„The automobile company emphasized that it has been working for years with Circulor within the framework of the implementation of blockchain technology to promote the traceability of the cobalt used in the batteries of electric vehicles,“ they detailed in the publication of Merca2.
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„Circulor’s technology is currently used in the company’s supply chain, which allows 100% traceability of the cobalt used in the XC40 Recharge P8, which is manufactured at the Ghent plant in Belgium,“ they later added.
Traceability of other materials
In the article they further explained that this investment by Volvo Cars in Bitcoin Lifestyle would enable the two companies to extend the traceability of other materials. Among the examples they cited was mica, a material that is often used in the insulation of battery packs in Volvo models.
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Martina Buchhauser, Head of Purchasing at Volvo Cars, said that her company is committed to an „ethical“ supply chain when it comes to raw materials and commented that the collaboration with Circulor has been instrumental in achieving this goal.