Honda and Mitsubishi form ALTNA JV for EV and battery innovation

Japanese automakers Honda Motor Co., Ltd. and Mitsubishi Corporation have announced the formation of a new 50-50 joint venture, ALTNA Co., Ltd., which will officially launch in July 2024. This venture stems from a memorandum of understanding (MoU) signed in October 2023, focusing on advancing electric vehicle (EV) technologies and contributing to a decarbonised society.

ALTNA aims to tackle several critical issues in the EV sector:

1. Optimisation of EV usage cost: Developing solutions to reduce the total cost of ownership for EV users.
2. Enhancing battery lifetime value: Improving resource circulation within Japan by maximising the lifespan and utility of EV batteries.
3. Grid Storage solutions: Meeting the growing demand for grid storage batteries to support the integration of renewable energy into Japan’s power mix.

Combining Honda’s expertise in EV and battery technologies with Mitsubishi’s power generation and storage systems knowledge, ALTNA will offer innovative mobility services and power-supply operations that enhance the efficiency and sustainability of EV batteries.

Key business initiatives

Battery leasing business

ALTNA will launch battery leasing plans starting with the Honda N-VAN e:, a new commercial-use mini-EV set to debut in October 2024. This approach will see ALTNA retaining battery ownership, allowing continuous monitoring and assessment of battery health, thereby extending their lifecycle through various ownership stages.

Battery repurposing business

The joint venture will also focus on repurposing end-of-life EV batteries for grid storage, enhancing grid stability and supporting renewable energy utilisation. This initiative ensures long-term battery use and resource-efficient recycling practices.

Smart charging solutions

ALTNA plans to introduce smart charging options to optimise electricity costs for EV users, leveraging advanced energy-control technologies to charge vehicles during off-peak hours and times of surplus renewable energy.

Leadership and vision

Toshihiro Mibe, president and CEO of Honda, expressed excitement about the collaboration, emphasising Honda’s commitment to building a comprehensive EV value chain and promoting sustainability. Katsuya Nakanishi, president and CEO of Mitsubishi Corporation, highlighted the innovative business model that separates vehicle and battery ownership, aiming to support a carbon-neutral society.

Seiichi Fukui, the designated president and CEO of ALTNA, stated, “ALTNA will focus on maximising the lifetime value of limited resources and enhancing renewable energy efficiency to foster a sustainable future.”

About ALTNA Co., Ltd.

• Headquarters: Chiyoda City, Tokyo, Japan
• Capital: JPY2 billion (USD)
• Ownership: 50% Honda Motor Co., Ltd., 50% Mitsubishi Corporation
• Leadership: Seiichi Fukui (President and CEO), Takao Nakazaki (Executive Vice President), and other part-time directors from Honda and Mitsubishi.

This partnership between Honda and Mitsubishi marks a significant step towards achieving sustainable mobility and energy solutions, reflecting their commitment to environmental responsibility and innovation.