Companies

Storage Battery Project Receives ¥158.7 Billion Govt Subsidy

Yomiuri Shimbun file photo
The Economy, Trade and Industry Ministry building in Chiyoda Ward, Tokyo

The Yomiuri Shimbun

14:31 JST, April 28, 2023

Honda Motor Co. and battery manufacturer GS Yuasa Corp. will receive ¥158.7 billion in special subsidies through a government program aimed a strengthening domestic production of storage batteries from an economic security viewpoint.

Storage batteries for use in electric vehicles, homes and other applications have been designated by the government as “specified important materials” based on the economic security promotion law.

The two companies plan to begin supplying lithium-ion batteries from April 2027 with a total investment of ¥430 billion, including the subsidies provided by the Economy, Trade and Industry Ministry.