Keppel Limited

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Keppel acquires stake in leading EV battery businesses for US$50 million

Keppel Corporation Limited, through its wholly owned subsidiary KepVenture Pte Ltd (Keppel), has entered into an agreement with Envision AESC to invest US$50 million for a minority stake in Envision AESC Group Ltd, a leading intelligent lithium-ion battery company. This co-investment with Envision is in line with Keppel’s efforts to deploy innovative concepts in its solutions for sustainable urbanisation.

Envision AESC and Nissan hold approximately 80% and 20% of the shares of the newly established Japanese holding company, Envision AESC Group Ltd., respectively.

Envision AESC Group Ltd recently completed the acquisition of Automotive Energy Supply Corporation (AESC), a former venture between Nissan Motor Company (Nissan) and the NEC Group. It has also acquired the entire share capital of NEC Energy Devices, Ltd., a battery electrode manufacturing company owned by NEC Corporation.

Presently, Envision AESC Group Ltd has the capacity of 7.5GWh and a workforce of 1,400 employees across Japan, the US and the UK. Envision AESC Group Ltd is expanding its production into China and is engaging various global automakers to grow its customer base.

More details in https://links.sgx.com/FileOpen/MR%20-%20...eID=549588