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The vehicle electrification movement has been running on three cylinders in the US, but it’s a big world out there. In the latest development on the global EV scene, the Xcelerator Ventures branch of the Japanese powerhouse Honda has just become a shareholder in the UK firm Nexeon, putting the automaker front and center in the race to bring silicon EV batteries to the market.
Honda Wants More EV Batteries
The Nexeon investment is part of Honda’s long term plan announced back in 2022, wherein the company pledged to invest $10 billion per year to ramp up its electrification journey with support from Xcelerator Ventures. In battery procurement, Honda mapped out regional supply chains for lithium-ion EV batteries including GM’s Ultium line in North America (since rebranded), an expansion of its existing relationship with CATL in China, and a new partnership with Envision AESC in Japan.
The 2022 announcement also looked to the future, including a $43 billion yen investment in a demonstration line for Honda’s ongoing all-solid-state battery program.
