Shanghai (Gasgoo)- On April 11, MATERI' ACT, a FORVIA Group's subsidiary focusing on developing low-carbon materials, signed a Letter of Intent with GREE Green Recycle Resources, part of GREE Electric Appliances ("GREE"), to establish joint ventures by the end of 2024, according to a press release from FORVIA Group.
These ventures will develop, produce, and sell recycled plastics. The goal of the cooperation is to forge a top-tier sustainable materials portfolio, aiming to sell 150,000 tonnes of compound by 2030. Those products will be used in the automotive, home appliance, and other industrial sectors.
FORVIA and GREE will also explore opportunities for collaboration in areas beyond materials.
GREE Green Recycle Resource is a fully-owned subsidiary of GREE, specializing in the recycling of renewable resource, processing of recycled resource, and sales of recycled resource. GREE is a major public company in the Chinese home appliance industry.
Dong Mingzhu, Chairman and President of GREE Electric Appliances, stated, "In the era of dual carbon goals, GREE is guided by the vision of 'making the sky bluer and the earth greener.' Through a green industrial strategy and innovative technology, we are driving the green transformation of our entire supply chain. We are delighted to begin our collaboration with MATERI'ACT. Leveraging our combined expertise and extensive resources, we can further empower the collaborative innovation ecosystem for sustainable materials, contributing to the development of new paradigms in material science."
Patrick KOLLER, CEO of FORVIA, said, "Sustainable development is closely linked with advancements in new material technologies. MATERI'ACT supports FORVIA's sustainability goals with materials that have low or ultra-low carbon footprints. Our collaboration with GREE Green Recycle Resources could extend sustainable products and solutions to a broader range of applications, actively engaging in the global response to climate change."
