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Keppel acquires minority stake in EV battery business for $68 mil

Michelle Zhu
Michelle Zhu4/1/2019 05:52 PM GMT+08  • 2 min read
Keppel acquires minority stake in EV battery business for $68 mil
SINGAPORE (April 1): Keppel Corporation, through its wholly-owned subsidiary KepVenture, is investing US$50 million ($67.7 million) for a minority stake in Envision AESC Group.
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SINGAPORE (April 1): Keppel Corporation, through its wholly-owned subsidiary KepVenture, is investing US$50 million ($67.7 million) for a minority stake in Envision AESC Group.

Envision AESC Group is an intelligent lithium-ion battery company which is 80:20 owned by China’s Envision AESC Holding and Japanese automobile manufacturer Nissan. It recently acquired Automotive Energy Supply Corporation (AESC), a former venture between Nissan Motor Company and Blackstone-owned NEC Group. It also wholly owns NEC Energy Devices, a battery electrode manufacturing company owned by NEC Corporation.

According to Keppel, Envision AESC Group has a capacity of 7.5GWh and a workforce of 1,400 employees across Japan, the US and the UK – and is in the midst of expanding its production into China, while “engaging various global automakers to grow its customer base”.

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