General Motors (GM) and GE Renewable Energy have signed a non-binding Memorandum of Understanding (MoU) to assess opportunities to increase supplies of heavy and light rare earth materials and magnets, copper, and electrical steel used in the production of electric vehicles and renewable energy equipment. The collaboration’s initial focus will be on developing a vertically integrated magnet manufacturing supply chain in North America and Europe that both firms will use in the future.
Rare earth metal alloys and completed magnets are key components utilised in the production of electric motors for automotive and renewable energy generation. The corporations will also collaborate to build new supply chains for additional materials used in vehicle traction motors and renewable energy generation, such as copper and electrical steel. As part of the agreement, GM and GE Renewable Energy will consider possible collaboration to promote the development of innovative technologies and processes for both automotive and renewable energy generation applications.
As per a company statement, GM and GE’s combined scale will enable them to unlock the potential of obtaining a low-carbon footprint, ESG-friendly, secure, and cost-competitive materials. Furthermore, GM and GE Renewable Energy will work collaboratively with other co-sourcing partners to seek policies that support the establishment of secure, North American and European-based supply chains for rare earth, copper, and electrical steel materials required to support electric vehicles and renewable power generation growth.
