TEL AVIV, Israel, Oct. 19, 2022 /PRNewswire/ -- Drive TLV, Israel's leading innovation hub catalyzing the smart mobility ecosystem, recently announced that Novelis has joined their exclusive forum of partners. Novelis is the world's largest recycler of aluminum and leading producer of flat-rolled aluminum products, as well as the world's leading supplier of aluminum sheet to the automotive industry. The partnership's primary objective is to facilitate formal and informal collaborations between Novelis and Israeli multi-domain startups and entrepreneurs. Novelis joins Drive TLV's elite roster of partners, which includes: Afifi Group, ALD Automotive, Cox Automotive, DENSO, Hertz, Ituran, Honda, Goodyear, Mayer Group, Saint Gobain, Sona Comstar, Volvo Group and Volvo Cars.
Within Israel's vast technology ecosystem, Drive TLV is focused on serving mobility startups and entrepreneurs of all stages. They offer holistic support to innovators in the industry through a commercialization program, a prototyping and testing lab, and a shared workspace that facilitates networking and collaboration. Six hundred of Israel's 8000 startups are working on mobility, transportation-related solutions, renewable energy tech, industry 4.0 solutions and more.
Novelis has a rich history of innovating in aluminum recycling and rolling techniques. As a Drive TLV Partner, Novelis will support relevant startups by sharing its knowledge in advanced manufacturing and research and development, as well as its market knowledge and global connections. With goals to reduce its carbon footprint 30% by 2030 and be carbon neutral by 2050 or sooner, Novelis is particularly interested in startups tackling carbon reduction and capture, recycling technologies, mobility solutions, industry 4.0, and electrification.
"At Novelis, we understand that the solutions and technology we use today will not meet the needs of the future," said Derek Prichett, Senior Vice President, Corporate Development, at Novelis. "That's why we are committed to investing in and supporting the next level of innovation as well as identifying the right partners to help turn concepts into reality. That's why this partnership with Drive TLV makes perfect sense—it enables us to tap into the hotbed of forward-thinking entrepreneurs coming out of Israel today."
Itay Erel, CEO of Drive TLV: "With activities spanning across automotive, aerospace, beverage cans, and more, we are confident that Novelis' passion for innovation within the mobility realm and beyond will lead to valuable collaborations with fellow corporate partners and Drive TLV's startups. Moreover, Novelis' core capabilities and innovation goals are about recycling as much as they are about manufacturing. Hence, we believe this new partnership strategically emphasizes Drive's positioning as a global leading innovation hub for sustainability in our mobility field."
Novelis Inc. is driven by its purpose of shaping a sustainable world together. We are a global leader in the production of innovative aluminum products and solutions and the world's largest recycler of aluminum. Our ambition is to be the leading provider of low-carbon, sustainable aluminum solutions and to achieve a fully circular economy by partnering with our suppliers, as well as our customers in the aerospace, automotive, beverage can and specialties industries throughout North America, Europe, Asia and South America. Novelis had net sales of $17.1 billion in fiscal year 2022. Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai. For more information, visit novelis.com.
Novelis Forward-Looking Statements
Statements made in this news release that describe Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Examples of forward-looking statements in this news release include goals for carbon reduction. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in the company's Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended March 31, 2022.
About Drive TLV
Drive TLV is a unique innovation hub focused on smart mobility. Drive leverages its in-depth knowledge of the Israeli hi-tech ecosystem to handpick the most promising smart mobility startups, and enhance their business with strategic guidance. On the other end, Drive forms and maintains strong partnerships with industry-leading global mobility enterprises.
Finally, Drive creates perfect matches between its startups and their industry leading partners, generating value for both. When needed, Drive molds the startups' innovative technologies to suit its partners' needs, and helps both parties co-create viable market-ready solutions.
SOURCE Drive TLV