November 2, 2020

peaq signs MoU to go into Mass Production with Leading German Car Company

We’re excited to announce that we have signed a Memorandum of Understanding (MoU) with one of Germany’s leading car companies. The aim of the contract is to go into mass-production on a full-scale e-mobility platform for the automotive industry.

The e-mobility platform is based on our core technology, the DAGchain, and involves creating a neutral innovation and transaction platform for the automotive industry in its entirety, with a focus on electric vehicles (EVs). The platform involves making the next generation of cars fully DLT-ready (Distributed Ledger Technology) from the moment they leave the factory, while dramatically decreasing range anxiety for EVs industry wide.

‘‘We are delighted to have been chosen as the innovation and technology partner to solve some of the most pressing issues in the electric vehicle space. This represents a huge push towards e-mobility for the whole automotive industry - and it’s the fruit of collaboration between two German companies.

We couldn’t have hoped to work with a more influential automotive partner, which is critical for the overall viability of the project. Our combination of blockchain and DAG technologies makes our DAGchain infrastructure uniquely suited to this and similar use-cases. The MoU is validation of that. A big thank you goes to our exceptional team of engineers for making this possible.

This is an equally important step for blockchain as it is a concrete signal that we are out of the hype phase and into the adoption phase. We hope our ‘build first, talk later’ approach can be considered a breath of fresh air for the industry.’’

- Leonard Dorloechter, Chief Product Officer and Project Lead

The contract between peaq and the global automotive giant follows over two years of collaboration and development, going back as far as 2018. The first stage of the project, which confirmed its technical and conceptual feasibility, was successfully concluded in 2019. The two parties continue to agree to keep the details of the platform confidential for the time being for strategic reasons. 

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