Volvo Invests in Blockchain Startup to Trace Cobalt in Its Batteries
Volvoâ€™s venture arm invests in blockchain traceability startup Circular to track.
On July 8, Volvo Cars Tech Fund announced their investment in blockchain traceability startup, Circulor.
Volvo previously used Circulorâ€™s traceability solution to track cobalt in its batteries. Much of cobalt mining happens in Africa under questionable conditions and involves child labor. In the era where more consumers are becoming concerned with how the products they buy are produced, the ability to verify the entire supply chain may provide a competitive advantage or even become a necessity.
Volvo may also be planning to use Circulorâ€™s solution to trace carbon emissions. According to the chief procurement officer at Volvo, Martina Buchhauser, the partnership will contribute to greater sustainability:
â€œWe are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental in that regard. By supporting Circulorâ€™s ongoing development we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.â€�
Volvo was joined by three other investors in this round: SYSTEMIQ, Total Carbon Neutrality Ventures and Plug & Play.
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