Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) have announced their collaboration to form ALTNA Co., Ltd. (ALTNA), a new joint venture set to launch in July 2024.
This strategic partnership stems from their shared vision, outlined in a memorandum of understanding signed in October 2023, to pioneer advancements in the electric vehicle (EV) sector, crucial for achieving a decarbonized society.
1) ALTNA aims to tackle key challenges in EV adoption and sustainable energy solutions, including:
2) Optimizing EV usage costs.
3) Extending the lifespan and enhancing the value of batteries, ensuring efficient resource circulation in Japan.
Meeting the rising demand for grid storage solutions to integrate more renewable energy sources into Japan’s energy mix.
By leveraging Honda’s expertise in EV and battery technology alongside Mitsubishi Corporation’s proficiency in power generation and smart-charging systems, ALTNA plans to introduce innovative mobility services.
These services will reduce overall ownership costs for EV users and establish sustainable power supply operations utilizing EV batteries over extended periods.
The new company will initially focus on two core business areas:
Battery Leasing Business: ALTNA will collaborate with Honda and affiliated leasing companies to offer lease plans for vehicles like the Honda N-VAN e:, a new mini-EV slated for release in October 2024. Under these plans, ALTNA will retain ownership of the batteries, monitoring their usage throughout the lease term to optimize performance and longevity.
This approach ensures reliable battery performance, enhancing their lifecycle management from initial sale through subsequent ownership transfers. After their automotive use, batteries will be repurposed for ALTNA’s grid storage business, further maximizing their utility and reducing financial burdens on EV users.
Battery Repurposing Business: ALTNA will develop solutions to repurpose end-of-life EV batteries into grid storage batteries, supporting grid stability and renewable energy utilization. Through continuous monitoring and data-driven recovery processes, ALTNA aims to ensure long-term, sustainable operations for these batteries while promoting resource-efficient practices.
Additionally, ALTNA will introduce:
Smart Charging Business: Offering EV charging plans that optimize electricity costs by utilizing advanced energy-control technologies. These plans will automatically adjust charging schedules based on electricity prices, minimizing costs for users and promoting the use of renewable energy.
ALTNA’s comprehensive approach not only addresses current EV challenges but also lays the groundwork for future innovations in the evolving energy landscape. Their initiatives aim to foster a more sustainable and efficient mobility ecosystem, poised to support Japan’s transition towards a decarbonized future.
