Bosch forms lithium-ion battery JV with GS Yuasa, Mitsubishi
FRANKFURT, June 19
FRANKFURT, June 19 (Reuters) - German industrial group Robert Bosch GmbH said on Wednesday it had agreed to work on next-generation lithium-ion batteries with Japan's GS Yuasa International Ltd. and Mitsubishi Corporation .
The companies intend to set up a joint venture to conduct research and development and provide sales and marketing support to the three parent companies.
The batteries will be used for zero-emission vehicles such as plug-in hybrids or electric cars.
Plans call for the venture to start operations at the beginning of 2014, with Bosch's hometown of Stuttgart serving as the headquarters.
Bosch will hold a 50 percent share in the joint venture, with GS Yuasa and Mitsubishi Corporation each holding 25 percent. The composition of the management and supervisory boards will reflect these stakes.
This is Bosch's second attempt at forming a lithium-ion battery venture with an Asian partner.
In September, South Korean battery maker Samsung SDI Co Ltd said it would pay $95 million to buy Bosch's 50 percent stake in SB LiMotive Co Ltd, ending a joint venture formed in 2008. (Reporting By Christiaan Hetzner; editing by Jane Baird)
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