GM Inks MOU With GE Renewable Energy To Develop Rare Earth Supply Chain - Quick Facts

(RTTNews) - General Motors Co. (GM) and GE Renewable Energy (GE) announced Wednesday 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, their respective suppliers, and other co-sourcing partners 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.

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.