Sojitz Forms Capital and Business Alliance with ASF Co., Ltd. to Develop Electric Vehicles & Related Infrastructure Business
Dec. 24, 2020
ASF Co., Ltd.
Sojitz Corporation (“Sojitz”) has agreed to conclude a capital and business alliance with ASF Co., Ltd. (“ASF”), which develops, manufactures, and supplies electric vehicles (“EV”) and provides battery-leasing services. Under this strategic partnership, ASF and Sojitz aim to expand business opportunities in a new energy society centered on transportation and mobility fields.
[Image of the Vehicle Developed by ASF for Sagawa Express]
ASF was established in June 2020 as a fabless manufacturer.*¹ With the goal to expand EV utilization in Japan, ASF focuses on the following three business models, which contribute to innovation in the mobilization society.
(1) “The shift from ownership to utilization” through innovative EV solutions
(2) Mobility solutions powered by renewable energy sources
(3) Last-mile solutions to address logistics issues with an eco-friendly approach
Additionally, ASF has reached an agreement with Sagawa Express Co., Ltd. (“Sagawa Express”) to jointly develop original compact EVs specialized for logistics companies, and ASF plans to begin mass production in FY2021. ASF aims to provide users with three indicators— “safety,” “profitability,” and “efficiency” through cloud-based platform services visualizing telematics data—and will continue to support the growth of efficiency in users’ operations. *²
In FY2019, Sojitz began the “Hassojitz” Project to realize innovative ideas as new business projects. Participants were gathered together through a company-wide open call, and participating young employees have taken the lead on the project to create business that anticipates the future in 2050. This EV business is the first investment project proposed under the “Hassojitz” Project.
Sojitz Group will be collaborating with its strategic partner ASF in this new business domain to support ASF’s business by working together to supply energy sourced from renewable energy, develop charging infrastructure for EVs, and provide competitive EV services to RE100/EV100 companies. *³
In this alliance between Sojitz and ASF, Sojitz’s diverse business expertise and know-how will be combined with ASF’s technological prowess. Sojitz and ASF will be creating a new social infrastructure that will help bring about an eco-friendly transportation society with economic growth, in order to contribute to the realization of a prosperous and sustainable decarbonized society.
*1: Fabless manufacturer: A manufacturer that does not have its own factory for manufacturing its products.
*2: Cloud platform: A system that provides information and services in real time when EVs and other mobile units are equipped with IoT devices and communication functions.
*3: RE100 (Renewable Energy 100%): An international initiative in which companies aim to source 100% of their electricity consumption from renewable energy.
EV100: An international initiative (launched in September 2017) in which companies promote use of EVs and work to make improvements to the environment.
Company Overview – Sojitz Corporation
|Representative Director||Masayoshi Fujimoto
Representative Director, President & CEO
|Capitalization||160,339,000,000 yen (as of Sept. 30th, 2020)|
|Location||1-1, Uchisaiwaicho 2-chome, Chiyoda-ku, Tokyo|
|Main Business||As a general trading company, the Sojitz Group is engaged in a wide range of businesses globally, including buying, selling, importing and exporting goods, manufacturing and selling products, providing services, and planning and coordinating projects, in Japan and overseas. The Group also invests in various sectors and conducts financing activities. The broad range of sectors in which Sojitz operates includes those related to automobiles, plants, aerospace, medical infrastructure, energy, mineral resources, chemicals, foodstuff resources, agricultural and forestry resources, consumer goods, and industrial parks.|
Company Overview – ASF Co., Ltd.
|Representative Director||Hiroyasu Iizuka
Representative Director, CEO
|Capitalization||15,000,000 yen (as of Jun. 1st, 2020)|
|Location||1-14-5 Akasaka, Minato-ku, Tokyo
Ark Hills Executive Tower S403
|Main Business||Planning, development, manufacture, and sale of EVs; battery-leasing business|
|Existing Shareholders||Company executives, Formosa Plastics Group, FOMM Corporation|
|Partner Companies||Sagawa Express Co., Ltd.
(In June 2020, ASF reached an agreement with Sagawa Express to jointly develop compact EVs.)