Detroit, October 6th 2021 – GE Renewable Energy (NYSE: GE) and General Motors (NYSE: GM) today 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.
"A secure, sustainable, and resilient local supply chain for electric vehicle materials is critical to the execution of GM’s vision of an all-electric future," said Shilpan Amin, GM Vice President for Global Purchasing and Supply Chain. "Motors are one of the most important components of our Ultium Platform, and the heavy and light rare earth materials are an essential ingredient in our motor magnets. The combined scale of GM and GE will enable us to unlock the potential for securing low-carbon footprint, ESG friendly, secure and cost competitive materials."
GE Renewable Energy Chief Technology Officer Danielle Merfeld, said, "At GE Renewable Energy we constantly innovate, both through our products like the Haliade-X, the most powerful offshore wind turbine built today, as well as by developing strategic collaborations that can help us accelerate the energy transition. Working with GM gives us another tool to obtain reliable, sustainable, and competitive source of key materials going forward that will help us lower the cost of renewable energy and drive more electrification by making EVs a more viable option for consumers. We are also excited to partner with GM to explore opportunities to develop critical supply chains in the US and further reduce CO2 emissions."
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.
In addition, GM and GE Renewable Energy will look to collaboratively engage from a public policy perspective, together with other co-sourcing partners, to seek policies that are supportive of the establishment of secure, North American and European based supply chains for rare earth, copper and electrical steel materials needed to support electric vehicle and renewable power generation growth.
About General Motors
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at www.gm.com.
About GE Renewable Energy
GE Renewable Energy is a $16 billion business that combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable, and sustainable green electrons. Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on www.twitter.com/GErenewables
Cautionary Note on Forward-Looking Statements: This press release may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words such as “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual result may differ materially due to a variety of important factors, many of which are described in our Annual Report on Form 10-K, our subsequently filed Quarterly Reports on Form 10 Q, and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
For media inquiries, please contact:David Barnas
+1 248 918 8946
[email protected] Phil Lienert
+1 313 530 1508
[email protected] Tim Brown
Communications Leader, Offshore Wind
GE Renewable Energy
+1 302 509 9352