Japanese battery maker GS Yuasa announced details of a rights issue, the proceeds of which will be used to invest in lithium-ion battery manufacture for electric vehicles (EVs) and energy storage systems (ESS).
It said it expects to raise a maximum ¥39.7 billion ($271 million) net from the public offering. It is planning a new ¥434.1 billion ($2.95 billion) plant to manufacture lithium-ion batteries for battery EVs in conjunction with Blue Energy Co and Honda Motor Co as partners. Investment will include R&D for high capacity and high output storage batteries, developing manufacturing technology for mass production.
The company said ¥30 billion ($204 million) will be allocated for lithium-ion battery manufacturing as part of its sixth mid-term management plan. It will add ¥8 billion ($54 million) for R&D in high capacity and high output lithium-ion batteries in the joint venture with Honda.
It plans to allocate the remaining proceeds to enhancing production capacity of lithium-ion batteries for hybrid EVs at Blue Energy Co, by the end of March 2025.
Photo: Left-right: President Mibe (Honda), President Yamamoto, President Murao (GS Yuasa) at launch of JV in August. Photo credit: GS Yuasa
