Sep. 15, 2010
Nissan Motor Co., Ltd.
Nissan and Sumitomo Establish Joint Research Company
for Promotion of '4R Energy' Business
YOKOHAMA (September 15, 2010) Nissan Motor Co., Ltd. and Sumitomo Corporation today announced that a new joint-venture company was established on September 14th. The company will conduct research on the second-life use of lithium-ion batteries that have been used previously in electric cars.
Naming a second-life business for recyclable advanced lithium-ion batteries as the "4R Energy" business in October 2009, both companies started a joint study to "Reuse, Resell, Refabricate and Recycle" the lithium ion batteries used in electric cars.
Nissan will launch Nissan LEAF, the company's first affordable, mass-marketed, 100% electric car, in December 2010 in Japan and the United States, followed by the global release in 2012. Meanwhile, in April 2010, Sumitomo launched a new division, the New Business Development & Promotion Division, which is responsible for environmental businesses and is working on developing new approaches to realizing a low-carbon, recycling-based society.
While the EV market is expanding, the new joint-venture company will work towards developing the second-life battery business. This will meet management goals for the battery's entire value chain and energy-storage solutions. As part of this new business development, the company will conduct demonstration tests and undertake a commercialization study.
<New Company Outline>
|Company Name||:||4R Energy Corporation|
|Company Address||:||1-1-1, Takashima, Nishi-ku, Yokohama City, Kanagawa Prefecture|
|Capital||:||450 million yen|
|Date of Establishment||:||September 14, 2010|
|Stakeholders||:||Nissan Motor Co., Ltd. (51%)
Sumitomo Corporation (49%)
|Business Description||:||Demonstration tests and commercialization study for second-life use of lithium-ion batteries for automotive use|
|Targeted Region||:||Japan and North America|
Corporate Communications Department,