- German luxury vehicle brand BMW (Bayerische Motoren Werke ADR) BMWYY has acquired a stake in U.S.-based company Jetti Resources through its venture capital fund BMW i Ventures.
- The move aims to foster responsible and resource-conserving copper extraction to address rising demand in a more sustainable way.
- Jetti Resources, founded in 2014, has developed a process for copper extraction that utilizes previously unused ore from existing copper mines.
- Jetti Resources' method allows copper mines to use heap leaching on these ores, which causes around 40% fewer CO2 emissions compared to traditional raw material extraction.
- It is to be noted that copper is a vital raw material to produce electric drivetrains in Electric Vehicles.
- "By investing in Jetti, we are supporting technological progress in the field of copper extraction, with a focus on responsible and resource-conserving methods,' said Wolfgang Obermaier, Head of Indirect Goods and Services, Raw Materials, Production Partners of the BMW Group.
- Also Read: BMW Sees More Lockdowns in China In 2023
- Price Action: BMWYY shares are trading lower by 1.32% at $29.90 on the last check Thursday.
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