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Toyota City, Japan, Apr 5, 2021 - (JCN Newswire) - e-Mobility Power, Inc. (e-Mobility Power), the equity holders of which are Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) and Chubu Electric Power Co., Inc. (Chubu Electric), entered into an absorption-type corporate division agreement with Nippon Charge Service, LLC(1) (NCS) on February 5, 2021 under which e-Mobility Power assumed the electrified vehicle(2) charging service business and charging network business operated by NCS effective April 1.
Seven companies comprising TEPCO HD, Chubu Electric, four automakers--Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., and Mitsubishi Motors Corporation--and the Development Bank of Japan Inc. today subscribed to a total of 15 billion yen of e-Mobility Power shares through a third-party allotment of new shares with TEPCO HD and Chubu Electric increasing their stakes, and the four automakers and the Development Bank of Japan making new investments to establish e-Mobility Power's new shareholder composition.
e-Mobility Power will use the construction, servicing, and maintenance technologies and electric infrastructure operation know-how acquired by TEPCO HD and Chubu Electric through their electric power businesses and the development and international standardization knowledge accumulated by TEPCO HD through the CHAdeMO Association(3) to expand and enhance the charging network of approximately 21,700 chargers(4) nationwide assumed from NCS, and to provide a highly convenient and reasonably-priced charging environments to households and corporate customers through a cooperative structure made up of the electric power companies, the four automakers, and the Development Bank of Japan. By doing so, e-Mobility Power will promote the popularization of electrified vehicles and contribute to the creation of a carbon neutral society.
(1) NCS was established in May 2014 for the purpose of building a highly convenient charging network service. Its shareholders were Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., Mitsubishi Motors Corporation, Development Bank of Japan Inc., TEPCO Energy Partner, Inc., and Chubu Electric Power Co., Inc.
(2) Battery electric vehicles and plug-in hybrid electric vehicles.
(3) An association that develops technology and maintains standards for CHAdeMO, the global fast charging standard. The world's leading charger manufacturers are members, and approximately 50 manufacturers have launched CHAdeMO charging devices. As a result, CHAdeMO chargers are installed in about 90 countries worldwide and about 35,600 quick chargers are being used by electrified vehicle users.
(4) As of the end of 2020.
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
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