GE Renewable Energy (GE) and General Motors (GM) have announced they have signed a non-binding Memorandum of Understanding (MoU) to evaluate opportunities to improve supplies of heavy and light rare earth materials and magnets, copper and electrical steel used for manufacturing of electric vehicles and renewable energy equipment.
The initial focus of the collaboration will be on creating a North America and Europe based supply chain of vertically integrated magnet manufacturing that both companies will use in the future. Metal alloys and finished magnets produced from rare earth materials are critical components used in manufacturing electric motors for automotive and renewable power generation.
The companies will also work together to help establish new supply chains for additional materials, such as copper and eSteel that are used in automotive traction motors and renewable power generation. As a part of the agreement, GM and GE Renewable Energy will also evaluate potential cooperation to support the development of new technologies and processes for both automotive and renewable power generation applications.
