English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 12 October 2023, 15:02 JST
Share:
        

Source: Honda Motor Co, Ltd / Mitsubishi Corporation
Honda and MC Sign MoU to Explore New Businesses in EV Age

TOKYO, Oct 12, 2023 - (JCN Newswire) - Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) are pleased to announce the signing of a memorandum of understanding (MoU) to begin discussions toward the creation of new businesses with an aim of leveraging the strengths of both companies to build sustainable business models in light of anticipated growth in the electric vehicle (EV) market toward a decarbonized future society. The two companies will explore the possibility of new businesses with a goal to increase the value offered to customers through their EV and EV battery business. Details are explained below. 

1. Battery Lifetime Management Business

This new business would aim to maximize the value of batteries to be installed in Honda mini-EV models, that are scheduled to begin sales in Japan in 2024. By employing a sophisticated battery-monitoring system, the new business would manage and maximize the value of each battery throughout its lifetime shifting from powering EVs to use as stationary energy storage.

2. Smart-charging(1) and V2G(2) Energy Management Business

This new business would help EV users to optimize their electricity costs by offering access to smart-charging, V2G services and green (renewable) power which leverages advanced control technologies for the energy management system.

(1) Smart charging systems automatically adjust the timing of EV charging to avoid peak load periods and optimize energy consumption.
(2) Vehicle to Grid: In a V2G system, EVs will not only be charged with the electricity from the grid but also supply electricity to the grid to help meet local electricity needs. 

Toshihiro Mibe, Global CEO of Honda

“Preparing for the era of full-fledged popularization of EVs, Honda will not only sell EVs, but take a proactive approach to energy management, where EV batteries will be utilized as an energy source, and we are also focusing on resource circulation, including the reuse and repurposing of EV batteries, which contain various rare resources. Starting with this initiative with MC in the area of mini-EVs in Japan, Honda will strive to maximize the value we offer to our customers and build a foundation for sustainable business from a long-term perspective, while working with a variety of partners and accommodating the unique market characteristics of each region.”

Katsuya Nakanishi President & CEO Mitsubishi Corporation

“We understand that the convergence of different sectors such as mobility, energy, services and data is an irreversible trend. Examples can be seen all over the world, as companies seek to go carbon neutral, and new business models like MaaS and CASE (in the automobile industry) pick up stream. MC is aiming to develop its own new business models that balance electrification and decarbonization, to create new cross-industry services, and otherwise reinventing ourselves in keeping with the times.”

[Company Information]

Company Name: Honda Motor Co., Ltd.
Headquarters: 2-1-1, Minami-Aoyama, Minato-ku, Tokyo
Date of Establishment: September 24, 1948
Representative: Toshihiro Mibe, Director, President and Representative Executive Officer
Main business: Production and sales of mobility products (including motorcycles, automobiles, power products)
URL: https://global.honda/en/

Company Name: Mitsubishi Corporation
Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo
Date of Establishment: July 1, 1954
President & CEO: Katsuya Nakanishi
Operations: MC engages in a wide range of businesses spanning multiple industries and overseen by its Industry DX Group, Next-Generation Energy Business Group and ten industry-specific business groups: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development.
URL: https://www.mitsubishicorp.com/



Topic: Press release summary
Source: Honda Motor Co, Ltd / Mitsubishi Corporation

Sectors: Automotive, EVs, Transportation
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
Mitsubishi Corporation Links

http://www.mitsubishicorp.com

https://www.linkedin.com/company/mitsubishi-corporation/

Honda Motor Co, Ltd Related News
Wednesday, 15 May 2024, 14:30 JST
Honda and IBM sign Memorandum of Understanding to Explore Long-term Joint Research and Development of Semiconductor Chip and Software Technologies for Future Software-Defined Vehicles
2024年5月15日 10時00分 JST
Honda、将来のSDV実現に向け、IBMと次世代半導体・ソフトウェア技術の長期共同研究開発に関する覚書を締結
2024年5月9日 13時50分 JST
Honda、インドでの電動化の加速に向けた研究開発拠点をベンガルールに開設
Thursday, 9 May 2024, 14:13 JST
Honda Opens New R&D Facility in Bengaluru to Accelerate Electrification in India
Monday, 29 April 2024, 14:25 JST
POSCO Future M and Honda Reach Basic Agreement on Collaboration for Production of Cathode Materials for Automotive Batteries in Canada
More news >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575