Honda and Mitsubishi Corp. to reuse EV batteries in electric grid

TOKYO — Honda Motor and Mitsubishi Corp. will establish a new company in July that will give a second life to used electric vehicle batteries in Japan, thus reducing the cost of driving an EV.

The joint venture, Altna, aims to develop new services in anticipation of the broader use of EVs. According to a joint news release, Altna’s amount of capital and capital reserves will total 2 billion yen ($12 million). Honda and Mitsubishi will each have a 50% stake in the new company.