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Investing.com-- BHP Group (ASX:BHP) said on Monday it signed a memorandum of understanding with Chinese battery giant Contemporary Amperex Technology (HK:3750) to develop battery and electrification technology for the mining industry.
BHP said it will explore using battery technology in mining equipment and locomotives, as well as applying energy storage systems and battery recycling technologies at its mines.
The efforts are aimed at helping the world’s largest miner reach its long-term goal of achieving “net zero operational greenhouse gas emissions,” BHP said.
CATL is one of the most advanced battery developers in the world, and is a key supplier to electric vehicle majors such as Tesla (NASDAQ:TSLA).
BHP was seen increasingly investing in battery and electrification-adjacent industries in recent years, having vowed to ramp up its copper production to meet what it sees as increasing demand for green energy in the coming years. The company had recently acquired Australian copper miner Oz Minerals to this end.
BHP shares rose 1.3% in Sydney trade on Monday, outpacing a flat performance on the ASX 200. CATL’s shares fell 0.2% in Hong Kong.