Honda and MC to Establish New Company, ALTNA Co., Ltd.
TOKYO, Japan, June 13, 2024 – Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) today announced plans to establish a new 50/50 joint venture (JV) company, ALTNA Co., Ltd. (ALTNA), in July 2024. The new JV is based on the memorandum of understanding (MoU) the two companies signed in October 2023 to begin discussions toward the creation of new businesses in light of anticipated growth in the electric vehicle (EV) market toward a decarbonized future society.
The two companies decided to establish a joint venture company and work together to address challenges toward the societal implementation of EVs and the realization of decarbonized society such as the following:
1) Optimization of the EV usage cost;
2) Enhancement of the lifetime value of batteries, which contain various limited resources, and improvement of resource circulation within Japan; and
3) Accommodation of the increasing demand for adjustment capacities through grid storage batteries toward an increase in the proportion of renewable energy in the energy mix in Japan.
By combining Honda control and connected technologies for EVs and batteries and MC power-generation know-how, which extends to the administration of storage-battery systems and smart-charging operations, ALTNA will strive to offer new mobility services that reduce the total cost of ownership for EV users and create new power-supply operations that enable long-term utilization of EV batteries.
