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- Stellantis NV STLA and metals recycling entity, Galloo signed a Memorandum of Understanding to enter exclusive negotiations to form a joint venture.
- The JV will focus on End-of-Life Vehicle (ELV) recycling as part of the automaker's continued commitment to building its circular economy activities.
- The joint venture will work with selected Authorized Treatment Facilities to collect ELVs from the last owner, enabling the recovering of parts for reuse, remanufacturing, and recycling.
- "Making it easy for customers to recycle their End-of-Life Vehicles is a crucial element to reduce the environmental impact of our vehicles," said Alison Jones, Stellantis Senior Vice President for Global Circular Economy.
- "Returning parts and materials to the value chain preserves scarce resources and helps our drive to reach carbon net zero by 2038."
- Also Read: Stellantis, General Motors Pay $363M In US Fuel Economy Penalties
- The service is expected to launch at the end of 2023 with an initial focus on France, Belgium and Luxembourg.
- The joint venture will offer its services to other automakers.
- Recycling is an integral part of the Stellantis Circular Economy Business Unit's 4R Strategy- Reman, Repair, Reuse, Recycle.
- Also Read: Stellantis Joins Hand With Vulcan To Develop Geothermal Renewable Energy In France
- Price Action: STLA shares are trading lower by 0.76% at $15.75 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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