Honda and Mitsubishi Corporation Establish New Company “ALTNA Inc.”

Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (Mitsubishi) will establish a new company, ALTNA Inc. (ALTNA), in July 2024 based on the memorandum signed in October 2023. ALTNA aims to address challenges related to the widespread adoption of EVs, battery value enhancement, resource recycling, and the expansion of renewable energy.

Business Activities of the New Company:

1. Battery Lease Business:
   • Starting with Honda’s new light commercial EV “N-VAN e:”, ALTNA will own the battery rights and monitor battery usage during the lease period, promoting long-term battery use.
2. Repurpose Battery Storage Business:
   • Reuse batteries from vehicles as grid storage batteries, contributing to the expansion of renewable energy.
3. Smart Charging Business:
   • Optimize EV user electricity costs by charging EVs during off-peak times to avoid grid strain.

(Honda Newsroom June 13, 2024)