NEC to transfer shares for energy device business to private investment fund

NEC Corporation has announced two share transfers in its move to focus on solutions for society. According to NEC, solutions for society promote the safety, security, efficiency and equality of society.

In the smart energy field, NEC is shifting towards services for the construction, operation, and maintenance of electric storage systems to support goals such as stabilising power grids and improving the efficiency of companies' energy use.

NEC will transfer all shares of NEC Energy Devices to Envision Electrodes Corporation, a member of renewable energy company the Envision Group, and all shares of Automotive Energy Supply Corporation (AESC), owned by NEC and NEC Energy Devices, to Nissan Motor Company. 

This enables Nissan to transfer all AESC shares to Envision. In addition, Nissan is to transfer the Nissan electric battery operations and production facilities to GSR Capital (GSR), a private investment fund. NEC will also transfer its NEC Energy Devices shares to GSR. 

These transactions had been scheduled for June 29, 2018 but were delayed as GSR failed to fulfill the purchaser's payment obligations under those transactions due to lack of funds. The transactions are now scheduled to take place on March 29, 2019 after Nissan and NEC entered into negotiations with Envision.

Each share transfer is subject to the fulfillment of closing conditions of the other share transfer agreement, and fulfillment of the closing conditions of the share transfer between Nissan and Envision.