Honda Motor Co., Ltd. and Mitsubishi Corporation (MC) today unveiled plans to form a 50/50 joint venture named ALTNA Co., Ltd., launching in July 2024. This partnership aims to spearhead new business opportunities in the burgeoning electric vehicle (EV) market, aligning with global goals for a decarbonized society.
The creation of ALTNA stems from a memorandum of understanding (MoU) signed in October 2023, emphasizing the companies’ commitment to advancing EV integration and resource sustainability. ALTNA’s mission encompasses optimizing EV usage costs, enhancing battery lifecycle value, and accommodating the growing demand for grid storage batteries to support renewable energy expansion in Japan.
Combining Honda’s expertise in EV and battery technology with MC’s extensive power-generation and storage-battery management know-how, ALTNA plans to introduce innovative mobility services aimed at reducing EV ownership costs and pioneering new power supply operations.
Business Initiatives and Offerings
1. Battery Leasing Business
ALTNA will collaborate with Honda and MC’s affiliated leasing companies to launch lease plans for Honda’s upcoming N-VAN e:, set to debut in October 2024. The venture will retain battery ownership, continuously monitoring battery health to ensure reliability and longevity. This strategy enables ALTNA to offer competitive lease prices and enhance battery utilization from automotive to stationary applications.
- N-VAN e: Value Plan: Available exclusively through Honda ON starting October 10, 2024, this plan offers reduced pricing by leveraging the anticipated repurposing of EV batteries for grid storage.
- N-VAN e: Circular Lease Plan: Developed with Mitsubishi Auto Leasing Corporation (MALC), this plan provides comprehensive support for corporate EV users, including fleet electrification and charging infrastructure setup.
2. Battery Repurposing Business
ALTNA will establish a robust electric power business by repurposing end-of-life EV batteries for grid storage, aiding grid stability and promoting renewable energy use. The long-term monitoring data will facilitate the efficient recovery and reuse of batteries, ensuring resource circulation and sustainable manufacturing practices.
3. Smart Charging Business
ALTNA’s advanced energy-control technologies will offer smart charging plans that optimize electricity costs by avoiding peak-hour charging. This automated system will align charging times with the lowest electricity procurement costs and surplus renewable energy availability, easing the customer’s burden and reducing overall EV usage costs. The venture is also exploring Vehicle-to-Grid (V2G) services to further integrate EVs into the energy market.
Leadership and Vision
Toshihiro Mibe, Honda’s President and CEO, highlighted the joint venture’s significance: “Honda is committed to creating a vertically-integrated EV value chain, from raw material procurement to recycling. Partnering with MC allows us to accelerate the realization of a decarbonized society through innovative EV solutions, starting with the N-VAN e:.”
MC’s President and CEO, Katsuya Nakanishi, emphasized the strategic synergy: “Our collaboration with Honda integrates mobility, energy, services, and data, presenting a novel business model that separates vehicle and battery ownership. This approach is crucial for achieving carbon neutrality and advancing EV adoption.”
Future ALTNA President and CEO Seiichi Fukui added, “ALTNA is dedicated to maximizing resource value and renewable energy efficiency. Our partnership-driven model will provide sustainable solutions for a harmonious coexistence of humanity and the environment.”
ALTNA’s inception marks a significant milestone in the EV industry, promising to reshape the market landscape through innovative business models and sustainable practices.
