Vietnam’s VinFast agrees deal with Marubeni to recycle used EV batteries
VIETNAMESE electric vehicles (EV) maker VinFast said on Monday (Dec 18) it had signed a memorandum of understanding with Japan’s Marubeni to recycle used EV batteries.
VinFast will supply the used batteries and Marubeni will repurpose into what it said would be affordable Battery Energy Storage Systems (BESS) that were easy to manufacture, the Vietnamese firm said in a statement.
The process would not require disassembly, processing and repackaging of the batteries, according to the deal, which it said was signed at the weekend during a regional leaders summit in Japan.
The agreement is part of the companies’ drive to “establish a circular economic model,” it added.
VinFast, founded in 2017 and backed by Vietnam’s largest conglomerate Vingroup, made its Nasdaq debut late August. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Asean
Thailand picks capital markets veteran as finance chief
To boost growth, Prabowo must reignite Indonesia’s manufacturing sector, adopt green technologies
Thaksin-linked TV broadcaster to shut down after 15 years
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
Philippine peso nears critical 58-per-dollar mark amid regional currencies sell-off; BSP intervention unlikely