Stellantis and Galloo to form end-of-life vehicle recycling joint venture
Stellantis N.V. and Galloo have signed a memorandum of understanding to enter into exclusive negotiations to form a joint venture focused on end-of-life vehicle (ELV) recycling. This is part of the automaker's continued commitment to build its circular economy activities.
The Stellantis-Galloo joint venture will work with selected authorized treatment facilities to collect ELVs from the last owner, enabling the recovery of parts for reuse, remanufacturing, and recycling. The service is expected to launch at the end of 2023 with an initial focus on France, Belgium, and Luxembourg, and then expanding across Europe. The joint venture will offer its services to other automakers.
"Making it easy for customers to recycle their end-of-life vehicles is a crucial element to reduce the environmental impact of our vehicles," said Alison Jones, Stellantis senior vice president for global circular economy. "Returning parts and materials to the value chain preserves scarce resources and helps our drive to reach carbon net zero by 2038. We look forward to implementing the program this year and quickly expanding."
"We are delighted to announce a new step forward in our long relationship first with Peugeot and Citroën, and now Stellantis, as we continue to lead the way in sustainable and responsible business by taking end-of-life vehicle recycling to the next level," said Rik Debaere, Galloo CEO.
The transaction is subject to agreement on definitive documentation and customary closing conditions, including regulatory approvals.