© Nissan Motor Business | August 09, 2017
Nissan sell off electric battery business
Nissan Motor has entered into a definitive sale and purchase agreement with GSR Capital (GSR), a private investment fund, for the sale of Nissan's electric battery operations and production facilities.
The sale and purchase agreement covers Nissan's battery subsidiary, Automotive Energy Supply Corporation (AESC), as well as battery manufacturing operations in Smyrna, Tennessee, owned by Nissan North America Inc. (NNA), and in Sunderland, England, owned by Nissan Motor Manufacturing (U.K.) Ltd. (NMUK). Assets sold to GSR will also include part of Nissan's Japanese battery development and production engineering operations located in Oppama, Atsugi and Zama. Hiroto Saikawa, president and chief executive officer of Nissan, said: "This is a win-win for AESC and Nissan. It enables AESC to utilize GSR's wide networks and proactive investment to expand its customer base and further increase its competitiveness. In turn, this will further enhance Nissan's EV competitiveness. AESC will remain a very important partner for Nissan as we deepen our focus on designing and producing market-leading electric vehicles." Sonny Wu, chairman of GSR Capital, added: "The acquisition of AESC represents an important step for us in the new energy vehicle industry chain. We plan to further invest in R&D, expand existing production capacity in the U.S., UK and Japan, and also establish new facilities in China and Europe, enabling us to better serve customers around the world. With these capabilities and plans added to the battery business' already skilled workforce, high technical capabilities and proven product-quality track record, we will be in a very good position for growth." The workforce at all facilities covered by the deal, including the production plants at Zama, Sunderland and Smyrna, will continue to be employed. The headquarters and development centers of the business will remain in Japan. Nissan will implement the transaction by first taking full control of AESC – founded in 2007 to develop advanced lithium-ion batteries – by acquiring the combined 49 percent minority holding held by NEC Corporation and its wholly owned battery and electrode subsidiary, NEC Energy Devices, Ltd (NECED).
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