To Trace Cobalt In Its Batteries, Volvo Invests In A Blockchain Startup

Volvo’s venture arm puts resources into blockchain startup Circulor to follow the roots of raw materials.

On July 8, Volvo Cars Tech Fund reported their interest in blockchain traceability startup, Circulor.

Volvo recently utilized Circulor’s discernibility answer for track cobalt in its batteries. A lot of cobalt mining occurs in Africa under difficult conditions and includes child labor. In the time where more purchasers are getting worried about how the items they purchase are created, the capacity to confirm the whole supply chain may give an upper hand or even become a need.

Volvo may likewise be intending to utilize Circulor’s answer for follow carbon discharges. As indicated by the main acquirement official at Volvo, Martina Buchhauser, the organization will add to more greater supportability:

“We are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental in that regard. By supporting Circulor’s ongoing development we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.”

Volvo was joined by three different financial specialists in this round: SYSTEMIQ, Total Carbon Neutrality Ventures and Plug and Play.