Japan will subsidize storage battery chip projects up to $1.8 billion. Friday, Industry Minister Yasutoshi Nishimura announced up to $1.8 billion in storage battery and semiconductor subsidies.
Nishimura told reporters the government would finance eight storage battery projects with 184.6 billion yen and two semiconductor projects with 56.4 billion.
Honda Motor Co Ltd (7267.T) and GS Yuasa Corp (6674.T) plan to spend 430 billion yen on storage battery production, with the ministry financing up to 158.7 billion.
“We have great expectations that this will lead to the stable supply of storage batteries and the promotion of GX (green transformation),” Nishimura said.
Honda, GS Yuasa, and their battery joint venture Blue Energy Co Ltd. said they will start manufacturing in April 2027 and mass production in October 2027.
They said they would build a 20-GWh facility but didn’t indicate where.
“We would like to respond to a wide range of battery demand in Japan, which is expected to expand in the future, mainly for BEVs (battery electric vehicles),” Honda CEO Toshihiro Mibe said in the statement.
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