2024.05.15
Notice of Establishment of Joint Venture Company by Consolidated Subsidiary
We are pleased to announce that our Board of Directors today approved a resolution to enter into an agreement to establish a joint venture company between our consolidated subsidiary VOLTA Inc. (Head office: Fuji City, Shizuoka, Japan; President: Kenta Imai; hereinafter "VOLTA"), Miracle Eternal PTE LTD. (Head office: Singapore; Director: Hua Runjie; hereinafter "MES") and Mitsui & Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President and CEO: Kenichi Hori; hereinafter "Mitsui").
1. Purpose of Establishment of Joint Venture Company
The Company and VOLTA, a wholly owned subsidiary of the Company, are committed to the effective utilization of limited resources by recycling rechargeable batteries such as lithium-ion batteries and nickel metal hydride batteries in a low-carbon process and collecting minor metals. In the rapidly expanding lithium-ion battery market worldwide, we are aiming to realize a circular economy through the traceability of the recycling process and the closed loop of battery-to-battery integration of arterial and venous flows.
The establishment of the joint venture will accelerate efforts to realize a circular economy by expanding the market in the supply chain and increasing the effective use of resources in recycling. Specifically, the joint venture will leverage MES's ability to procure raw materials such as waste batteries from overseas and Mitsui's global business foundation to prepare for facility operation in September 2024.
2. Outline of the Joint Venture Company to be Established
Name |
J-Cycle Inc. |
|
Head Office |
Kyobashi RK Building 9F, 2-5-15 Kyobashi, Chuo-ku, Tokyo, 104 0031 Japan |
|
Representative |
President Kenta Imai |
|
Business Activities |
Collecting, recycling, processing, refining, selling, and analyzing batteries, etc.; processing, buying, and selling ferrous scrap, nonferrous metals, rare metals, plastics, etc.; secondhand dealer based on the Secondhand Goods Business Act. |
|
Capital |
200 million yen (Including capital reserve of 100 million yen) (plan) |
|
Established |
May 2024 |
|
Number of shares issued |
4,000 shares (plan) |
|
Fiscal Year-End |
June 30 |
|
Shareholders |
VOLTA Inc. |
102 million yen (51%) |
Miracle Eternal PTE LTD. |
54 million yen (27%) |
|
Mitsui & Co., Ltd. |
44 million yen (22%) |
3. Future Outlook
The joint venture company is scheduled to become a consolidated sub-subsidiary of the Company from the fiscal year ending June 30, 2024, and its impact on the Company's consolidated financial results for the fiscal year ending June 30, 2024 is expected to be minimal. We will promptly announce any matters that should be disclosed in the future.