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| FILE PHOTO: VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. REUTERS/Lisa Baertlein/File Photo |
Vietnamese electric vehicles (EV) maker VinFast said on Monday it had signed a memorandum of understanding with Japan's Marubeni Corp (8002.T) to recycle used EV batteries.
VinFast will supply the used batteries and Marubeni will
repurpose into what it said would be affordable Battery Energy Storage Systems
(BESS) that were easy to manufacture, the Vietnamese firm said in a statement.
The process would not require disassembly, processing and
repackaging of the batteries, according to the deal, which it said was signed
at the weekend during a regional leaders summit in Japan.
The agreement is part of the companies' drive to
"establish a circular economic model," it added.
VinFast, founded in 2017 and backed by Vietnam's largest
conglomerate Vingroup (VIC.HM), made its Nasdaq debut late August.