VINFAST AND MARUBENI COLLABORATE TO REPURPOSE EV BATTERIES

TOKYO, Dec. 18, 2023 /PRNewswire/ -- VinFast, Vietnam's leading electric vehicles manufacturer, and Marubeni Corporation ("Marubeni"), a major Japanese trading and investment conglomerate, officially announced a Memorandum of Understanding (MOU) to explore opportunities in the secondary use of electric vehicle (EV) batteries and the potential to establish a circular economy model. The MOU marks a significant milestone in the strategic partnership between these two companies, and represents a meaningful effort to reduce greenhouse gas emissions in Vietnam and globally.

The MOU announcement between VinFast and Marubeni took place in the presence of the Prime Minister of Vietnam, Mr. Pham Minh Chinh, during The Vietnam – Japan Economic Forum and The Commemorative Summit for the 50th Year of ASEAN – Japan Friendship and Cooperation, being held in Tokyo from December 16 to 18, 2023.

Under the MOU , VinFast and Marubeni will collaborate on researching and manufacturing Battery Energy Storage Systems (BESS) using recycled electric vehicle batteries, with VinFast supplying used electric vehicle 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, with the aim to establish a circular economic model.

Marubeni is expected to leverage exclusive technology from its strategic partner to recycle VinFast's electric vehicle batteries, repurposing them into affordable and easily manufacturable BESS without the need for disassembly, processing and repackaging of the batteries.

Mr. Pham Nhat Quan Anh, Deputy CEO of VinFast Manufacturing Division, said: "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. Optimizing the lifecycle of electric vehicle batteries not only enhances access to smart electric mobility but also fosters a green and sustainable future for all."

Mr. Satoru Harada, Executive Officer, Chief Operating Officer of Power Division of Marubeni, said: "Marubeni's values of ' Fairness, Innovation, and Harmony ' align with VinFast's innovative direction towards reducing emissions and building a green future. Leveraging our strengths and extensive experience in implementing large-scale energy projects across the global value chain, including battery recycling technologies, Marubeni expects to further enhance the strategic cooperation with VinFast to develop solutions that contribute to building a circular economy and promoting climate change mitigation policies."

In May 2023, Marubeni Green Power Vietnam Co., Ltd . , a subsidiary of the Marubeni Corporation, signed an agreement withVinES Energy Solution Joint Stock Company, a subsidiary of VinFast and a manufacturer of electric vehicle batteries and BESS products.

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.

About Vingroup

Established in 1993, Vingroup is one of the leading private conglomerates in the region and currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.

About VinFast

VinFast - a member of Vingroup – envisions driving the advancement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90 percent automation in Hai Phong, Vietnam. Strongly committed to the mission of a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.com.

About Marubeni

Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields including lifestyle, ICT business & logistics, food, agri business, forest products, chemicals, metals & mineral resources, energy, power, infrastructure project, aerospace & ship, finance, leasing & real estate business, construction, industrial machinery & mobility, next generation business development and next generation corporate development. Additionally, the Marubeni Group offers a variety of services, makes internal and external investments, and is involved in resource development throughout all of the above industries. Learn more at: https://www.Marubeni.com/en/

SOURCE VinFast