(Reuters). -General Motors Co. General Electric (NYSE:) Co stated Wednesday that it will study how they can develop a supply chain for rare earths and minerals needed to produce electric vehicles and other forms of renewable energy equipment.

The memorandum was signed by both companies to explore how they might work together in order to increase access to rare Earths and rare-earth magnets as well as steel.

There was no money transfer between the businesses and there were no joint decisions about what steps they could take, like whether or not to build a mine or a plant.

General Electric and the automaker agreed to work together on potential opportunities in North America. Both companies have their headquarters there.

General Electric shared the following statement via email with Reuters: “While we don’t know a specific timeframe to implement it, we have another tool to obtain reliable and sustainable sources of key materials.”

The critical components of electric motors used for automobile and renewable energy generation are metal alloys as well as finished magnets made from rare earth minerals.