Dow and Fiori Group Sign MoU To Develop Sustainable Solutions for Circularity in the Mobility Market
Dow (NYSE:DOW) and Fiori Group have signed a memorandum of understanding (MoU) to develop sustainable solutions for circularity in the mobility market. The partnership aims to create a new ecosystem for recycling end-of-life (EOL) vehicle parts and materials. Key aspects of the collaboration include:
1. Analyzing the dismantling process and its impact on EOL waste fraction quality.
2. Creating a new ecosystem business model under a 'test and learn' practice.
3. Leveraging Fiori Group's expertise in recycling and Dow's MobilityScience™ capabilities.
4. Focusing on Dow's Renuva™ portfolio of recycled materials for the automotive industry.
This partnership aligns with both companies' commitment to fostering a circular economy for polymers, plastics, and polyurethanes in the automotive sector.
- Partnership with Fiori Group to develop sustainable solutions for end-of-life vehicle recycling
- Potential to create new business opportunities in the circular economy for automotive materials
- Alignment with Dow's sustainability strategy focused on new recycling technologies
- Leveraging Dow's MobilityScience™ capabilities and Renuva™ portfolio of recycled materials
- None.
Insights
This MoU between Dow and Fiori Group is a significant step in promoting sustainable practices within the automotive industry, particularly in Europe where end-of-life vehicle (ELV) recycling targets are stringent. The partnership aims to improve the recycling process of ELV parts, enhancing the quality and suitability of waste fractions for recycling. This demonstrates a proactive approach towards circular economy principles, reducing waste and increasing the lifecycle of automotive materials.
From an environmental perspective, this collaboration could lead to a substantial reduction in the environmental footprint of the automotive sector. By advancing recycling technologies and improving material recovery rates, the industry can potentially decrease the need for virgin materials, thus conserving natural resources and lowering emissions associated with material extraction and processing.
However, the success of this initiative will largely depend on the actual effectiveness of the 'test and learn' practice and the scalability of the developed business model. Investors should watch for updates on prototype performance and any pilot programs indicating tangible environmental benefits.
The MoU between Dow and Fiori Group opens up significant market opportunities in the mobility sector. This collaboration is aligned with the growing trend towards sustainability and circularity in the automotive industry. As consumers and regulators increasingly demand eco-friendly solutions, the ability to recycle and reuse materials from end-of-life vehicles could become a key differentiator for companies in this space.
From a market standpoint, the partnership leverages Dow's materials science expertise and Fiori Group's proficiency in material processing. This synergy could accelerate the development of innovative recycling technologies, potentially leading to cost savings and new revenue streams from recycled materials. It also positions both companies favorably in the eyes of environmentally-conscious investors and consumers.
Nevertheless, the market impact of this initiative will depend on the successful commercialization of the developed solutions. Additionally, the evolving regulatory landscape in Europe and other regions could influence the financial outcomes of this collaboration, making it essential for investors to stay informed about regulatory changes and market responses.
This partnership allows both companies to work together along the European value chain, enlarging ecosystems to recycle materials obtained from end-of-life vehicles
MIDLAND, MI / ACCESSWIRE / July 17, 2024 / Dow (NYSE:DOW) and Fiori Group, a company that collects, stores and processes ferrous and non-ferrous materials, announced the signing of a memorandum of understanding (MoU) to collaborate in the development of a new ecosystem for recycling end-of-life (EOL) parts and materials of vehicles.
The MoU addresses both companies' intent to handle analysis of the dismantling process and its impact on EOL waste fraction quality and suitability for recycling processes, as well as to create the new ecosystem business model under a ‘test and learn' practice. Fiori Group and Dow MobilityScience™ teams will provide timely updates on experiments' results, collaborating transparently to create a valuable prototype for recycling EOL vehicle parts and materials.
"Our extensive capabilities in the reuse of metals and non-metal materials, and the sorting of different materials from end-of-life vehicles, have positioned us as a market leader for recycling in Italy," said Mauro Grotto, vice president of Italmetalli, a Fiori Group company. "Our collaboration with Dow grants us to be ranked in the forefront of seeking new solutions to reach European end-of-life vehicle recycling targets and is in line with our guiding pillars of scientific research, restoring the value of waste and communicating this value in an open and educational way".
"As two leaders committed to fostering a circular economy for polymers, plastics and polyurethanes, collaborative innovation is key to accelerating sustainable mobility," said Dr. Esther Quintanilla, Dow's global MobilityScience™ marketing director. "By joining forces with Fiori Group, we are strengthening our commitment to a sustainable future for the automotive industry through our leading materials in this key growth segment and their expertise in expanding the recycled fraction from end-of-life vehicles."
As part of its sustainability strategy, Dow is increasingly focused on new sustainable solutions including new technology for mechanical and chemical recycling from different materials that are currently considered waste. The collaboration between Dow and Fiori Group will be an automotive and mobility recycling program featuring the Dow Renuva™ portfolio of recycled materials.
With world-class technical capabilities and a diverse portfolio of materials science options, Dow MobilityScience™ pioneers innovation that drives global progress. From addressing challenges like decarbonization to enhancing EV performance, Dow remains at the forefront of advancing mobility. For further details, please visit the MobilityScience™ website.
About Dow
Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 31 countries and employ approximately 35,900 people. Dow delivered sales of approximately
About Fiori Group
Fiori Group has been operating for around 70 years and today represents one of the main Italian companies in ferrous and non-ferrous scrap recycling sector. Always looking for technologically advanced solutions, it combines goals often seen as diverging: economic development and environmental protection. As a natural evolution of this responsible approach and constant commitment to continuous improvement, the Fiori Group has decided to adhere to the EMAS Regulation for both the Crespellano-Bologna (Italmetalli) and Rome (Italferro) plants. In addition to the 2 ELVs shredding mills, the Group operates several lines dedicated to other non-ferrous metal waste and it deploys various technologies to close the end-of-life cycle for cars. The Group has a turnover of 450 million euros and approximately 200 employees.
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For further information, please contact:
Winnie Weng
+86 18202142810
wweng@dow.com
Isabelle Vanderstichelen
+32-64-88-93-50
isabelle.vanderstichelen@dow.com
View additional multimedia and more ESG storytelling from DOW on 3blmedia.com.
Contact Info:
Spokesperson: DOW
Website: https://www.3blmedia.com/profiles/dow
Email: info@3blmedia.com
SOURCE: DOW
View the original press release on accesswire.com
FAQ
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