From today until March 31, 2019, Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) and three other companies, Tohoku-Electric Power Co., Inc. ("Tohoku-Electric Power", Head Office: Sendai City, Miyagi Prefecture, President and Representative Director: Hiroya Harada), Nissan Motor Co., Ltd. ("Nissan Motor", Head Office: Yokohama City, Kanagawa Prefecture, President and CEO: Hiroto Saikawa), and Mitsubishi Estate Co., Ltd ("Mitsubishi", Head Office: Tokyo, President & Chief Executive Officer: Junichi Yoshida) will collaborate on a verification project aimed at developing Vehicle-to-Grid (V2G) technology, which connects the storage batteries of electric vehicles (EV) to the electrical power grid. Furthermore, this verification project will be subsidized as part of the Ministry of Economy, Trade, and Industry Agency for Natural Resources and Energy's "FY2018 Subsidies for Virtual Power Plant Demonstration Project for Improvement of Energy Management in Demand Side."*
With widespread growth in use expected in the future, EVs are starting to be utilized not only for transportation, but as a means of storing and delivering electricity. Looking toward the further expansion and introduction of renewable energy which adjusts output in accordance with natural conditions, this project will focus on storage battery functionality of EVs to verify the feasibility of their use as an electric power supply and demand balance adjustment tool. In addition, studies will be carried out on new business models which generate added value from EV batteries even when the vehicle is parked, while ensuring that their convenience as a means of transportation is not undermined.
Mitsui & Co. has designated 'Mobility' as a key growth area of focus in its Medium-Term Management Plan, and electrification of Mobility is expected to produce growth the coming years. We will continue to contribute to the realization of a smart society by utilizing our comprehensive strength cultivated across our automobile, electric power infrastructure, and energy businesses.
*Application guidelines for the Ministry of Economy, Trade, and Industry Agency for Natural Resources and Energy's "FY2018 Subsidies for Virtual Power Plant Demonstration Project for Improvement of Energy Management in Demand Side":