Envision to Acquire Controlling Stake in Nissan's Electric Battery Business

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Aug 03, 2018, 06:38 ET

SHANGHAI, Aug. 3, 2018 /PRNewswire/ -- Envision, a global leading digital energy company, today announced that it will acquire a controlling stake in Automotive Energy Supply Corporation ("AESC"), the electric battery operations and production facilities of Nissan Motor Co., Ltd. ("Nissan"). Nissan will retain a minority equity stake in the post-transaction company. With this strategic acquisition and collaboration, the newly formed company aims to further drive the development of battery storage technology and the energy Internet of Things ("IoT").

Envision is a pioneer in the energy IoT and owns the world's leading intelligent IoT operating system, EnOS™, which currently connects more than 50 million smart devices used for wind, solar, energy storage, charging networks, electric vehicles, and home energy management. Envision is also a global leader in smart wind turbine technology. In addition to promoting the research and development of AESC Li-ion batteries, Envision intends to integrate its IoT technology to make intelligent batteries and incorporate millions of electric vehicles into a future energy network that is both clean and intelligent.

Lei Zhang, Envision's Founder and CEO, said: "AESC's lithium-ion batteries are among the most advanced, safe, and reliable in the industry. Their ability to power more than 340,000 Nissan electric vehicles without a single critical incident demonstrates AESC's excellence in technology, design, thermal management, and energy management. As a company inspired by technological innovation, we are delighted to work with Nissan and the AESC team to drive further evolution of this technology and the battery sector."

Lei Zhang added, "From an energy perspective, electric vehicles are mobile intelligent power stations, and the growing number of electric vehicles will have a huge impact on the electricity grid. At the same time, customer anxiety related to the range of electric batteries and charge time is limiting the development of the sector. Envison's smart IoT technology will make both the batteries and the charging process more intelligent. This will enable electric vehicles to be integrated into an energy eco-system, and facilitate the intelligent, dynamic balancing of energy usage and generation in a world powered by fragmented renewable energy systems."

Yasuhiro Yamauchi, Nissan's Chief Competitive Officer, said: "We are pleased to have secured a definitive agreement with Envision, a leading global company in the field of sustainable energy and IoT technology. The transaction will enable Nissan to concentrate on developing and producing market-leading electric vehicles - in line with the goals set in our midterm plan Nissan M.O.V.E. to 2022. We are confident that Envision will be a strong, long-term owner of the new company and that it will further grow as a battery company with increased competitiveness."

AESC's lithium-ion batteries already power more than 340,000 Nissan LEAF vehicles, the best-selling electric vehicle in the world, with over 7 billion kilometers driven without a single critical incident since its introduction in 2010.

Envision intends to upgrade AESC's existing production facilities in Japan, UK, and the US to enable the production of higher density, long-range electric batteries. Envision also intends to open new production facilities in Wuxi, China, enabling AESC to serve the fast-growing Chinese market for electric vehicle batteries and stationary lithium-ion batteries. This will enable AESC to continuously reduce the cost of lithium-ion batteries and provide a unique presence in all major automotive markets globally, differentiating itself from its key competitors.

About Envision

As a global digital energy technology leader, Envision owns the world's leading intelligent IoT operating system, EnOS, currently managing 100GW of energy assets globally. Integrating Sonnen, ChargePoint, AutoGrid, and Bazefield etc., Envision is building a comprehensive global energy IoT and smart city ecosystem.

Founded in 2007, the company's heritage is in the wind sector and currently Envision has become one of the world's leading wind technology companies. Headquartered in Shanghai, Envision has regional offices across Asia, Europe, North and South Americas and has established global R&D and engineering centers in Singapore, Denmark, Germany, and the United States.

Envision's mission is to "solve the challenges for a sustainable future"; the company is committed to creating a world of beautiful energy where everyone has access to clean, secure and affordable energy. For more information, please visit http://www.envision-group.com/

About Nissan Motor Co., Ltd.

Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, INFINITI and Datsun brands. In fiscal year 2017, the company sold 5.77 million vehicles globally, generating revenue of 11.9 trillion yen. On April 1, 2017, the company embarked on Nissan M.O.V.E. to 2022, a six-year plan targeting a 30% increase in annualized revenues to 16.5 trillion yen by the end of fiscal 2022, along with cumulative free cash flow of 2.5 trillion yen. As part of Nissan M.O.V.E. to 2022, the company plans to extend its leadership in electric vehicles, symbolized by the world's best-selling all-electric vehicle in history, the Nissan LEAF. Nissan's global headquarters in Yokohama, Japan, manages operations in six regions: Asia & Oceania; Africa, the Middle East & India; China; Europe; Latin America; and North America. Nissan has partnered with French manufacturer Renault since 1999 and acquired a 34% stake in Mitsubishi Motors in 2016. Renault-Nissan-Mitsubishi is today the world's largest automotive partnership, with combined sales of more than 10.6 million vehicles in calendar year 2017.