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Suzuki Buys Stake in Japanese Battery Maker
Suzuki Motor Corp. has acquired a 1 billion yen ($12 million) minority stake in Eliiy Power Co.
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Suzuki Motor Corp. has acquired a 1 billion yen ($12 million) minority stake in Eliiy Power Co. Ltd., a Japanese developer of high-capacity lithium-ion batteries for home use, The Nikkei reports.
Suzuki is part of a group of five companies that invested a combined 2.8 billion-yen ($34 million) in the maker of stationary backup batteries.
Eliiy signed an equity deal with Sharp Corp. in 2008 to develop lithium-ion batteries and launched production in 2010. The 6-year-old company is erecting a second, $185 million battery factory in Japan that will be able to make one million cells per year five times the capacity of the first facility.
The company says it hopes to eventually produce batteries for electric vehicles.
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