01 DRIVING FASTER PROGRESS WITH OPEN INNOVATION Michelin has chosen to innovate in collaboration with a broad array of partners around the world, in ventures with an aggregate budget of more than €55 million a year. These partners, which include academic and industrial consortia, universities, research institutes, technical centers and companies ranging from start-ups to large corporations, enable us to pool our expertise to create breakthrough innovations and quickly bring them to market. They address a multitude of markets, from mobility and construction to aerospace, low-carbon energies and healthcare. These consortia are also supporting the emergence of new industrial value chains, in particular to enable the shift away from fossil-sourced materials. In 2024, for example, Michelin joined with Swedish company Enviro and private equity fund Antin to build, in Uddevalla, Sweden, the first recycling plant capable of extracting raw materials from end-of-life tires. These include recycled carbon black, which can be reused in new tires, and pyrolysis oil, which serves as a chemical feedstock to produce new raw materials. ...What’s more, our long-standing expertise in composites is enabling us to build positions in new applications, from medical devices to aerospace. Our teams are being refreshed with a successful blend of highly experienced people and new skills. In this way, we’re enriching our practices, particularly with digital processes and artificial intelligence.” The living wage initiative and universal social protection floor 1937 Innovative rubber/steel composite developed 1992 Introduction of an innovative, environmentally friendly tire, whose silica-based compound sharply reduces rolling resistance, saving fuel and lowering a car’s CO2 emissions 1946 Patent filed for the radial tire, a revolution in robustness, performance and durability. Fitted on heavy trucks (1952), earthmovers (1959) and aircraft (1981) 2022 Bio-based resins developed 2015 The first all-season Cross Climate tire revolutionizes the market by delivering safety and performance in all driving conditions, all year round 2012 First RFID chips embedded in tires 2017 The VISION Concept 2024 Lunar wheel project for NASA Perrine Vallat, Senior Vice President, Advanced Materials Research Capitalizing on our innovation leadership Turning challenges into success 31 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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