Marubeni Corporation and VinFast signed an MoU on December 5, 2023 for the secondary use of electric vehicle (EV) batteries. Under the MoU, the batteries from EVs will be used as battery energy storage systems (“BESS”). They also plan to collaborate in the creation of businesses that will promote the utilization of used EV batteries. Additionally, the partnership includes efforts to establish a circular economy model for the sustainable management of electric vehicle batteries.
Marubeni had earlier invested in B2U Storage Solutions, Inc. (hereinafter, “B2U”) in 2021, a U.S. start-up company that works on second life use of EV batteries to provide resiliency and flexibility to the electricity grid. Under the recently signed MoU, the parties will use VinFast’s EV batteries along with B2U’s proprietary technology on reuse of battery. Initially the objective is to demonstrate repurposing of EV batteries into stationary batteries without dismantling, testing, and repackaging the batteries. Also, the aim is to achieve this inexpensively.
Earlier in May 2023, Marubeni Green Power Vietnam Co., Ltd, a wholly owned subsidiary of Marubeni Corporation, had entered into an agreement with VinES Energy Solutions Joint Stock Company (hereinafter, “VinES”), a manufacturer of EV batteries and BESS for Vingroup. This MOU will mark the expansion of its collaboration to the field of building a circular economy system.
Through this MOU, Marubeni aims to strengthen its strategic partnership with Vingroup. Together with Vingroup, Marubeni seeks to contribute to the Vietnamese government’s goal of achieving virtually zero greenhouse gas emissions by 2050. The collaboration also aligns with global efforts to build a decarbonized society. Marubeni is actively supporting innovative start-ups tackling the global challenge of building a decarbonized society. This support is part of its commitment to the “creation of new green businesses” envisioned under its Mid-Term Management Strategy “GC2024.” Marubeni provides assistance in business development and leverages its existing business platforms and networks. Investments and various support measures together accomplish this.
