Honda and Mitsubishi plan to help EV users optimise their electricity costs by offering smart-charging, V2G services and renewable power.

The memorandum of understanding (MoU) between the two Japanese companies will see them begin discussions towards creating sustainable business models in light of anticipated growth in the electric vehicle (EV) market towards a decarbonised society.

They plan to explore the possibility of new businesses with a goal to increase the value offered to customers through their EV and EV battery business.

The aim is to increase the value of batteries to be installed in Honda mini-EV models, that are scheduled to begin sales in Japan in 2024. A battery-monitoring system will manage and increase the value of each battery throughout its lifetime shifting from powering EVs to use as stationary energy storage.

It will help EV users to optimise their electricity costs by offering access to smart-charging, V2G (vehicle-to-grid) services and green renewable power, which leverages control technologies for the energy management system.

Smart charging systems automatically adjust the timing of EV charging to avoid peak load periods and optimise energy consumption. In a V2G system, EVs will not only be charged with the electricity from the grid but also supply electricity to the grid to help meet local electricity needs.

“Preparing for the era of full-fledged popularisation of EVs, Honda will not only sell EVs, but take a proactive approach to energy management, where EV batteries will be utilised as an energy source,” said Toshihiro Mibe, CEO of Honda (global.honda/jp). “And we are also focusing on resource circulation, including the reuse and repurposing of EV batteries, which contain various rare resources. Starting with this initiative with Mitsubishi in the area of mini-EVs in Japan, Honda will strive to maximise the value we offer to our customers and build a foundation for sustainable business from a long-term perspective, while working with a variety of partners and accommodating the unique market characteristics of each region.”

Katsuya Nakanishi, CEO of Mitsubishi (www.mitsubishicorp.com), added: “We understand that the convergence of different sectors such as mobility, energy, services and data is an irreversible trend. Examples can be seen all over the world, as companies seek to go carbon neutral, and new business models like MaaS and Case in the automobile industry pick up stream. Mitsubishi is aiming to develop its own new business models that balance electrification and decarbonisation, to create new cross-industry services, and otherwise reinventing ourselves in keeping with the times.”