- The newly-formed company will retain ownership of the N-Van e: battery when leased.
- When a car reaches the end of its life, ALTNA will repurpose the battery and use it in grid storage.
- Extending a battery’s useable life can cut lease prices for new EVs.
Honda and Mitsubishi will form a 50/50 joint venture to support the growth of EVs and it’ll start with an intriguing lease plan for the new Honda N-VAN e:.
The new company, dubbed ALTNA, will work with leasing companies at Honda and Mitsubishi. When someone leases the tiny electric van, ALTNA will retain ownership of the battery and monitor battery usage throughout the lease period. According to Honda and Mitsubishi, by continually monitoring the battery, they will be able to improve its reliability.
Read: Honda Doubles EV Investment To $65 Billion, Plans 7 New Models
After the battery pack has served its purpose in a car, ALTNA will recover it and use it in a grid storage battery business. The company will also repurpose end-of-life EV batteries for its grid storage solutions. By re-using a retired EV’s battery pack, the company says it can set its lease prices “based on the assumption that batteries will be utilized,” beyond the car’s lifecycle, making EVs more affordable. These lease plans will be available exclusively through Honda’s online store in Japan.
When a battery pack has reached the end of its life, ALTNA will recycle it.
The Honda and Mitsubishi joint venture will also offer EV charging plans in Japan. It will use its energy-control technologies to ensure EV owners avoid charging their vehicles during on-peak hours, allowing them to automatically charge when the cost of procuring electricity is the cheapest. The system will also increase the use of renewable energies during charging.
“With an eye toward the future popularisation of EVs, Honda is working toward the establishment of a vertically-integrated EV value chain that includes all aspects of EV business, from the procurement of raw materials to the production of finished EVs, as well as the repurposing and recycling of EV batteries,” Honda director, president, and representative executive officer Toshihiro Mibe said.
“We are very pleased to establish a new company with MC, which has deep knowledge of electric power business and shares our aspiration to realise a decarbonised society. Starting with N-VAN e:, we will take a proactive approach to establish a sustainable business foundation not only for the sales of EVs as mobility products, but also to create an optimal EV business environment including full utilisation of batteries, which we believe will be critical for the popularisation of EVs.”
