Honda Motor Co., Ltd. and Mitsubishi Corporation (MC) have announced plans to form a joint venture, ALTNA Co., Ltd., in July 2024. This collaboration stems from a memorandum of understanding signed in October 2023, focusing on addressing challenges in the electric vehicle (EV) market as part of a broader effort to achieve a decarbonized future. The joint venture aims to optimize EV usage costs, enhance the lifetime value of EV batteries, and accommodate increasing demands for grid storage batteries, thereby facilitating a greater reliance on renewable energy.
ALTNA will offer a variety of services to support these goals. One key initiative is the Battery Leasing Business, where ALTNA will lease batteries for Honda’s new commercial mini-EVs, the N-VAN e:, and monitor their usage to ensure long-term reliability. This includes repurposing batteries for grid storage after their automotive use. ALTNA will also provide Smart Charging plans to help EV users optimize electricity costs by charging during off-peak hours and promoting the use of renewable energy. Additionally, the venture will explore Vehicle-to-Grid (V2G) services to allow EVs to supply electricity back to the grid. Through these initiatives, ALTNA seeks to create a sustainable business model that reduces the financial burden on EV users, enhances resource circulation, and supports the transition to a carbon-neutral society.
