Two Indian giants (MTC Group and NeML) have joined forces to accelerate the country’s race towards net zero, by forming Meta Materials Circular Markets (MMCM). This dynamic partnership is set to take center stage in India’s circular economy, with DOVU’s innovative technology the secret ingredient.
India is home to 20 million vehicles approaching their end of life, with 5 million more joining the ranks annually. Yet only 0.1% of these vehicles find their way to official scrapping channels.
For the purposes of carbon avoidance, MMCM will derive sustainability credits from the Indian government’s incentive scheme to retire old vehicles. MTC Group, a global player in recycling and commodities trading, and NeML, the powerhouse behind commodity marketplaces together through this JV have pledged to create a digital ecosystem of global scale to orchestrate vehicle recycling.
In an exclusive partnership, DOVU will mint these credits and offer a transparent registry that traces their journey from inception to retirement.
Nitin Chitkara, CEO, MMCM: “As the drive for cleaner mobility and alternative fuels intensifies, the sustainable retirement of older vehicles becomes paramount. This not only fuels the automotive sector’s advancement but also paves the way for less congested roads.
“Our aim is to enhance price transparency, foster network synergies, and drive India closer to its governmental climate goals. We’re committed to equipping businesses and individuals alike to seize opportunities in the surging circular economy landscape.”
Irfon Watkins, CEO, DOVU: “This is a hugely significant contract. We have built our platform to be the infrastructure of digital green credits at scale, the news today confirms that we are on the right path. We’re proud to be working with these industry leaders to help solve a growing problem, and build a growing market together.”