The leading automotive firm Volvo Cars has announced an investment in Circulor a blockchain technology firm through the Volvo Cars Tech Fund. The investment will boost the traceability of cobalt used in the batteries of its electric cars.
- Volvo Cars Tech Fund is Volvo groups venture capital investment arm.
- Circulors blockchain technology is used throughout Volvo Cars battery supply chain, which will achieve 100 per cent traceability of cobalt used in the XC40 Recharge P8, its first fully electric car.
- 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.
The prominent deals and agreements by Volvo Group are featured below:
June 2020: Volvo Car Group, including its strategic affiliates Polestar and Lynk & Co. International, announced a strategic partnership with Waymo, a world leader in fully self-driving technology development.
April 2020: Volvo Group announced an agreement to establish a new joint venture with Daimler Truck AG to develop, produce and commercialize fuel cell systems for heavy-duty vehicle and other applications.
December 2019: The Volvo Group, had signed a non-binding Memorandum of Understanding with Isuzu Motors to form a strategic alliance for the transformation of commercial vehicles and to capture new opportunities.
Volvo plans to establish a global technology partnership and to create a stronger, combined heavy-duty truck business with Isuzu Motors in Japan and across international markets.
December 2019: Volvo Group Venture Capital invested in Autotech Ventures, a leading venture capital firm located in Silicon Valley. Autotech Ventures focuses on the ground transportation sector, mainly on autonomous, connected, electrified vehicles and related mobility services.
December 2019: Volvo Group Venture Capital invested in Apex.AI software for autonomous mobility. California based Apex.AI, is building an automotive-grade version of ROS (Robot Operating System).
November 2019: Volvo Buses had received Europes largest single order for electric buses. Volvo will deliver 157 electric articulated buses to Transdev starting in 2020.
July 2019: Volvo Group entered into a strategic alliance with Samsung SDI to develop battery packs for Volvo Groups electric trucks.
About Volvo Group
The Volvo Group headquartered in Gothenburg, Sweden, is a leading manufacturer of buses, trucks, construction equipment, and marine and industrial engines. The company employs more than 100,000 people worldwide and has production facilities in 18 countries. Volvo sells its products in around 190 markets worldwide. The Volvo brand portfolio consists of Volvo, Volvo Penta, UD, Terex Trucks, Renault Trucks, Prevost, Nova bus, Mack and Arquus. Volvo Group partners include SDLG, Eicher and Dongfeng brands. The company also provides complete solutions for financing and services.