Nissan Motor Co. Ltd. and Sumitomo Corp. have announced the creation of a joint-venture company that will conduct research on the recycling of lithium-ion batteries, typically used in electric cars.
The two companies jointly developed a business called 4R (Reuse, Resell, Refabricate and Recycle) Energy last October, which was used to study the recycling of batteries.
According to a release, the joint-venture company will work towards developing the second-life battery business. As part of this new business development, the company will conduct demonstration tests and undertake a commercialization study.
The company, 4R Energy Corp., will be located in Yokohama City, Japan. Nissan Motors will have a 51 percent stake in the new company, with Sumitomo being a 49 percent stakeholder in the company. Research will target business opportunities in both Japan and North America.
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