In a strategic move, Japanese automaker Honda Motor and trading powerhouse Mitsubishi Corp have announced a collaboration aimed at exploring innovative opportunities involving electric vehicle (EV) batteries. This initiative reflects the global automotive industry’s increasing shift toward battery-driven electric vehicles, while also addressing the crucial challenge of managing the environmental impact when EV batteries reach the end of their life cycle.
Toshihiro Mibe, Honda’s CEO, emphasized their commitment to not just selling EVs but actively engaging in energy management. He stated, “Honda will not only sell EVs, but take a proactive approach to energy management, where EV batteries will be utilised as an energy source.”
The companies have inked a memorandum of understanding to establish a business that focuses on monitoring the usage of Honda’s mini-EV model batteries and repurposing these automotive batteries for stationary energy storage applications. Notably, Honda is planning to introduce its EV model for the Japanese market in 2024.
Furthermore, the collaboration will extend to the development of “smart charging” solutions, which automatically optimize the timing of EV charging for maximum efficiency, and the “Vehicle to Grid” system, a technology that allows electricity stored in EVs to be supplied to the grid.
The long-term benefits of this partnership are expected to include reduced electricity costs for customers and more sustainable utilization of battery materials. This strategic alignment signifies a pivotal step in addressing the evolving landscape of electric vehicle technology and its broader environmental implications.