VinFast, the electric vehicle (EV) arm of Vietnamese private conglomerate Vingroup, and Marubeni, a major Japanese trading and investment conglomerate, will cooperate in exploring opportunities in secondary use of EV batteries, towards a circular economy model.
In a release on Monday, VinFast said the memorandum of understanding (MoU) was announced between the two sides during the Vietnam-Japan Economic Forum in Tokyo last Saturday. The forum was attened by Prime Minister Pham Minh Chinh, who was on a four-day (December 15-18) visit to Japan to attend the ASEAN-Japan commemorative summit and conduct bilateral activities.
Under the MoU, VinFast and Marubeni will collaborate on researching and manufacturing Battery Energy Storage Systems (BESS) using recycled EV batteries, with VinFast supplying used EV batteries and Marubeni conducting feasibility assessments, technical consulting, and BESS deployment.
Both companies will also work closely together to promote business opportunities in the field of recycled electric vehicle batteries, aiming to establish a circular economic model.
Marubeni is expected to leverage exclusive technology from its strategic partner to recycle VinFast’s EV batteries, repurposing them into affordable and easily manufacturable BESS without the need for disassembly, processing and repackaging of the batteries.
“We are delighted to collaborate with Marubeni to jointly research and implement clean energy and innovative energy storage solutions. This signing marks a significant step in VinFast's strategy to establish a circular economy model and further reduce the environmental footprint of our manufacturing activities,” said Pham Nhat Quan Anh, deputy CEO of VinFast Manufacturing Division. Quan Anh is a son of Vingroup chairman Pham Nhat Vuong.
By repurposing electric vehicle batteries, VinFast expects to not only generate significant value in the circular economy model but also promote an innovative approach to enable sustainable transportation development and emissions-free economic growth in Vietnam and globally, the EV firm highlighted.