Volvo Cars have made an investment in blockchain technology firm Circulor through the Volvo Cars Tech Fund, the company’s venture capital investment arm. The two firms have already been working together on cobalt traceability, which is used in electric car batteries.
The investment in Circulor by Volvo Cars allows both companies to expand their focus beyond cobalt, for example by looking at increasing traceability of mica, a mineral used as isolation material in the battery pack of electric Volvos.
“We are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental in that regard,” said Martina Buchhauser, chief procurement officer at Volvo Cars.“By supporting Circulor’s ongoing development we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.”
The investment by the Volvo Cars Tech Fund is part of a funding round by Circulor, which also involves three other investors: SYSTEMIQ, Total Carbon Neutrality Ventures and Plug & Play.
