Next.E.GO Mobile SE announces signing of MoU with Trafigura, a leading global commodities group, to solidify long-term supply of aluminium and battery metals.
Next.e.GO Mobile SE (“e.GO” or the “Company”), an innovative producer of urban electric vehicles, announced that it has entered into a memorandum of understanding (MOU) with Trafigura Pte. Ltd., a leading international commodity company, to establish a long-term supply chain management service agreement focused on the supply of aluminium and battery metals such as lithium, cobalt, and copper.
e.GO, based in Aachen, Germany, designs and manufactures battery electric vehicles for the urban environment, with a focus on convenience, reliability and affordability. The Company’s proprietary technologies and low capex MicroFactory production facilities have ushered in innovative solutions for producing electric vehicles. The Company is focused on true lifecycle sustainability of urban electro mobility with a view toward material science, production technology, robotics and digitization.
Under the MOU, Trafigura will supply 100% of e.GO’s requirements for transition and battery metals. The MOU also details the approach that will be taken for measuring carbon intensity for each source of metals across the supply chain and providing carbon declaration and transparency through the Agora supply chain emissions platform.
The long-term supply chain management service agreement between the two companies is expected to commence in January 2024 and will run for a minimum of five years, ending in January 2029. In addition, the MOU includes provisions for a supply credit facility.
Ali Vezvaei, Chairman of the Board at Next.e.GO Mobile SE, said:
“This partnership marks an important step forward for us at e.GO, as we work together with one of the leading and most resourceful partners in the industry to meet the increasing demand for electric vehicles and deliver on our mission of steadfast transition to a zero-emission urban mobility.
About e.GO
Headquartered in Aachen, Germany, e.GO designs and manufactures battery electric vehicles for the urban environment, with focus on convenience, reliability and affordability. e.GO has developed a disruptive solution for producing its electric vehicles using proprietary technologies and low cost MicroFactories, and has vehicles already on the road today. e.GO is helping cities and their inhabitants improve the way they get around and is making clean and convenient urban mobility a reality. Visit https://www.e-go-mobile.com/ to learn more.
As announced on July 28, 2022, e.GO has entered into a definitive agreement for a business combination with Athena Consumer Acquisition Corp. (NYSE: ACAQ, ACAQ.U, ACAQ WS), a publicly-traded special purpose acquisition company (“SPAC”) that would result in e.GO becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in early 2023.
About Trafigura
Trafigura is a leading commodities group based in Switzerland. At the heart of global supply, Trafigura connects vital resources to power and build the world. It deploys infrastructure, market expertise and worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.
Highlights:
- The agreement intends to establish long-term supply chain management services leveraging Trafigura’s worldwide capabilities and access to key resources.
- The Supply Chain Solution is expected to become operational starting in January 2024
- The agreement will increase e.GO’s supply chain reliability and significantly enhance e.GO’s ability to pursue its decentralized growth strategy.
READ the latest Batteries News shaping the battery market
Next.e.GO Mobile SE Announces Signing of Memorandum of Understanding with Trafigura, a Leading Global Commodities Group, to Solidify Long-Term Supply of Aluminium and Battery Metals, AACHEN, Germany, February 28, 2023
