GS Yuasa, a battery supplier, announced in 2007 that it would work with Mitsubishi on lithium batteries.
GS Yuasa and Honda Sign Contract to Establish Joint Venture Company
TOKYO, Japan, March 24, 2009 – GS Yuasa Corporation and Honda signed a joint venture contract to establish a new joint venture company for manufacturing, sales and R&D of Lithium-ion batteries for hybrid vehicles. Since the signing of a basic agreement in December of last year, two companies have engaged in a series of discussions to determine concrete plans for the establishment of a joint venture company which will manufacture, sell and conduct R&D for high-performance lithium-ion batteries for applications with a central focus on hybrid vehicles. The new company, Blue Energy Co., Ltd., is scheduled to be established April 1, 2009.
Outline of the new joint venture company
|1. Company name||Blue Energy Co., Ltd.|
|2. Establishment date (plan)||April 1, 2009|
|3. Headquarters||1, Inobanba-cho, Nishinosho, Kisshoin, Minami-ku, Kyoto|
|4. Capital||3 billion yen
Potential increase in capital and capital surplus up to 15 billion yen may be executed.
|5. Capital Ratio||51% GS Yuasa Power Supply Ltd. (a wholly-owned subsidiary of GS Yuasa Corporation)
49% Honda Motor Co., Ltd.
|6. Description of business||Manufacturing, sales and R&D of high-performance lithium-ion batteries|
|7. President and CEO||Masahiko Oshitani
(Executive Officer of GS Yuasa Corporation)