Suzuki to develop batteries for electricity storage systems with ELIIY Power

Suzuki to develop batteries for electricity storage systems with ELIIY Power

MANILA: Suzuki Motor Corporation has entered into a new investment and business partnership agreement with Japanese storage battery and electricity storage systems manufacturer ELIIY Power to establish a recycling-oriented, carbon-neutral society.

KEY TAKEAWAYS

  • How much is the additional investment of Suzuki in ELIIY Power?

    Suzuki will invest an additional ¥10 billion in ELIIY Power.
  • When did Suzuki's partnership with ELIIY Power begin?

    Suzuki and ELIIY Power began their partnership in 2012.
  • The two companies began their partnership in 2012, when Suzuki invested ¥1 billion in ELIIY Power to exchange technologies. Under the newly signed agreement, the carmaker will invest an additional ¥10 billion in ELIIY Power, making it the largest shareholder with 21.59 percent of the company's shares. Suzuki will also purchase ¥15 billion of convertible bonds with stock acquisition rights from ELIIY Power. The investment and underwriting procedures are expected to be completed before the end of the year.

    Furthermore, Suzuki and ELIIY Power decided to work together to create lithium-ion batteries that can be used in electricity storage systems and various mobility applications. The investment of Suzuki in ELIIY Power will be primarily used for capital investments and collaborative development.

    “By strengthening our relationship, we will work together with ELIIY Power, who has unique technologies including high safety, long life, and temperature characteristics and expertise in the use of electricity storage batteries, to realize a carbon-neutral society at a time when the transformation to electric mobility is required,” Suzuki Motor Corporation Representative Director and President Toshihiro Suzuki stated.

    Suzuki x ELIIY Power

    Established in 2006, ELIIY Power aims to address energy and environmental issues by advancing unique technologies in the field of mobility. It is a pioneer in the field of electricity storage systems for luxury housing, rental housing, commercial facilities, and distribution warehouses.

    “We are very pleased to be able to enter into the diverse mobility field that Suzuki handles, thanks to technological exchanges with Suzuki and our achievements in stationary battery storage applications,” ELIIY Power Chairman and Chief Executive Officer Hiroichi Yoshida stated.

    “Going forward, through this joint development, we will continue to refine our unique technologies that we have cultivated in stationary battery storage applications, contribute to the electrification of mobility with highly competitive lithium-ion batteries, and make further progress toward the realization of a recycling-oriented and carbon-neutral society in cooperation with Suzuki,” he added.

    Photos from Suzuki

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