Apple Inc. (NASDAQ:AAPL) has partnered with aluminum producers Rio Tinto plc ADR Common Stock (NYSE:RIO) and Alcoa Corp (NYSE:AA) in a partnership that is aimed at getting rid of greenhouse gases emitted during aluminum smelting.
The company announced that the new revolutionary technology was jointly by the three companies and is aimed at removing carbon from the smelting process. Carbon will be replaced with an advanced conductive item during aluminum smelting.
In the new method, oxygen is released as a by-product instead of carbon dioxide. Carbon dioxide is a greenhouse gas. By getting carbon dioxide out of the smelting process, the metals are produced in environmentally friendly environment.
In a statement, Tim Cook the Chief Executive of Apple said the company is fully committed to developing and advancing technologies which the planet can sustain in a bid to protect the environment for the future generations. He added that they are happy to be part of the new project. Cook said they anticipate having a process which is produced without and emission of greenhouse gases.
Apple uses aluminum in many of its popular products including iMac, iPad and iPhone.
Rio Tinto, Alcoa and Apple together with the governments of Canada and Quebec will jointly invest $144 million to finance additional research and development so as to advance the new technology.
The process of aluminum smelting that is used currently was invented by founder of Alcoa Charles Hall in 19986. The methods involved introducing a strong electrical current to aluminum oxide or alumina. Aluminum oxide is a raw material used in the production of aluminum. However, the original method involves burning of carbon hence produces a lot of carbon dioxide.
Apple indicated that the new technology was invested by three of its engineers Katie Sassaman, Jim Yurko and Brian Lynchat Alcao. Rio Tinto, Alcao and Apple are working on launching the technology for commercial releases sometime in 2024.
For a long time, Apple has been working towards developing sustainable means of production. The company recently indicated that its global production facilities were being powered renewable energy. Additionally, Apple has a recycling robot referred to as Daisy, which disassembles to get out valuable and functional materials.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.