Renault, Managem Group Ink Deal for Low-Carbon Cobalt, Boosting Morocco's Auto Industry
Renault Group and Managem Group have signed a Memorandum of Understanding (MoU) for a low-carbon cobalt sulfate supply deal. This partnership aims to support Renault's goal of carbon neutrality in Europe by 2040 and boost Morocco's tractor supply industry.
The agreement ensures Managem Group will supply Renault with 5,000 tonnes of cobalt sulfate annually for seven years, starting in 2025. This will contribute to Renault's target of reducing its battery carbon footprint by 20% by 2025 and 35% by 2030 compared to 2020 levels.
Managem Group's commitment to energy-efficient and renewable energy practices will help reduce the environmental impact of the partnership. The company is certified for responsible cobalt production and is a member of the Fair Cobalt Alliance. Renault Group, in turn, has committed to increasing local sourcing in Morocco to 2.5 billion euros by 2025, with a target of reaching 3 billion euros. This will foster growth and strengthen the supply chain in Morocco's tractor supply industry.
The MoU also includes potential cooperation on manganese sulfate, copper, and battery material recycling, further solidifying the partnership's commitment to sustainability and Morocco's position as a production hub for critical materials.
Through this agreement, Renault Group will have an annual production capacity of up to 15 GWh of batteries, supporting its goal of carbon neutrality in Europe by 2040. The partnership with Managem Group not only secures a stable supply of low-carbon cobalt sulfate but also contributes to the development of Morocco's tractor supply industry and strengthens its role as a key player in the global supply chain for electric vehicles.
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