Singaporean conglomerate the Keppel Corporation is buying into the lithium-ion batteries business with a US$50 million minority stake in Shanghai-based energy group Envision.
Keppel, whose businesses include infrastructure, offshore and marine and asset management, said its investment will “deepen our insights into the fast-growing electric vehicle market”.
Keppel’s investment came as Envision completed its acquisition of the Automotive Energy Supply Corporation (AESC)— the international lithium-ion batteries business formerly owned by Nissan. The move gives Envision a controlling stake of all the power battery production bases in Japan, the US and the UK.
Envision AESC also acquired the entire share capital of NEC Energy Devices— a battery electrode manufacturing company owned by NEC Corporation. Envision AESC and Nissan hold around 80% and 20% of the shares of the newly established Japanese holding company, Envision AESC Group.
Keppel CEO Loh Chin Hua (pictured) said the investment was part of a strategy “to expand its energy solutions with cleaner fuel sources and renewables”.
Keppel said it is now working with Envision on IoT-enabled (Internet of Things) energy storage devices to “help buildings realise cost savings through accurate monitoring and forecasting of energy consumption and peak shavings.”
