14 November 2023
ELIIY Power Co., Ltd.
Suzuki Motor Corporation

ELIIY Power and Suzuki Announce Conclusion ofAdditional Investment and Business Alliance Agreement
ELIIY Power Co., Ltd. (Head Office: Shinagawa-ku, Tokyo, Representative Director,Chairman and CEO: Hiroichi Yoshida, hereinafter “ELIIY Power”) and Suzuki Motor
Corporation (Head Office: Hamamatsu-shi, Shizuoka, Representative Director andPresident: Toshihiro Suzuki, hereinafter “Suzuki”) have entered into an additional
investment and business alliance agreement with the aim of contributing to therealization of a recycling-oriented society and a carbon-neutral society.

In 2012, Suzuki invested ¥1 billion in ELIIY Power, a company that manufactureslarge-size lithium-ion batteries and electricity storage systems, to exchange
technologies. As a result of the signing of the agreement, Suzuki will make an
additional investment of ¥10 billion in ELIIY Power and become the largest
shareholder with 21.59% of shares. In addition, Suzuki will subscribe for ¥15 billionof convertible bond-type bonds with stock acquisition rights issued by ELIIY Power.
The investment and underwriting procedures are expected to be completed within
2023.
The two companies also agreed to jointly develop lithium-ion batteries that can beinstalled in both electricity storage systems and various types of mobility. The funds
ELIIY Power will procure from Suzuki will be used mainly for capital investment andjoint development.
ELIIY Power was established in 2006 with the aim of commercializing large-size
lithium-ion batteries that can be used in both stationary battery storage andmobility applications.
The company has cultivated its unique technologies (high safety, long life, andtemperature characteristics) since foundation for stationary battery storage
applications such as housing. By further developing such technologies in the fieldof mobility, ELIIY Power will contribute to solving environmental and energy
problems even more and strive to realize a sustainable society.
Through this partnership with ELIIY Power, Suzuki aims to accelerate theelectrification of mobility, create customer-focused products and services, andcontribute to a sustainable carbon-neutral society through the use of renewableenergy.
■Comment from ELIIY Power’s Chairman Yoshida“We are very pleased to be able to enter into the diverse mobility field that Suzuki
handles, thanks to technological exchanges with Suzuki and our achievements instationary battery storage applications. Since its inception, our company has set
the goal of commercializing large-size lithium-ion batteries, which can be used inboth stationary battery storage and mobility applications, and has been pioneering
the development of markets in the field of electricity storage systems, particularlyin the luxury housing, rental housing, commercial facilities, and distribution
warehouses operated by Daiwa House Industry.
Going forward, through this joint development, we will continue to refine ourunique technologies that we have cultivated in stationary battery storage
applications, contribute to the electrification of mobility with highly competitive
lithium-ion batteries, and make further progress toward the realization of arecycling-oriented and carbon-neutral society in cooperation with Suzuki in thefield of mobility and Daiwa House Industry and other partner companies in theelectricity storage systems.”■Comment from Suzuki’s President Suzuki“Since 2012, we have had a technical exchange with ELIIY Power. By strengthening
our relationship, we will work together with ELIIY Power, who has unique
technologies including high safety, long life, and temperature characteristics andexpertise in the use of electricity storage batteries, to realize a carbon-neutralsociety at a time when the transformation to electric mobility is required. We will
also work to jointly develop lithium-ion batteries suitable for mobility that are both
environmentally friendly and high performance. Suzuki will promote the creationof a sustainable environment in cooperation with ELIIY Power and its otherinvestors.”

<Overview of ELIIY Power Co., Ltd.>
Establishment
September 2006
Representative
Representative Director, Chairman and CEO,Hiroichi Yoshida
URL
https://www.eliiypower.co.jp/english
Location
Head Office: Shinagawa, Tokyo
Business
Development, manufacture, and sales of large-size lithium-ion
batteries and electricity storage systems
The company was founded as a venture of Keio University
under the philosophy of contributing to the solution ofenvironmental and energy problems through the spread of theelectricity storage society.
The batteries used in our company's electricity storage system
are manufactured in-house through a consistent system fromresearch and development to production. More than 94,000
batteries (as of September 2023) have been used mainly in residentialbuildings, security, communications, hospitals and nursing
care services, government offices, municipalities, etc.
<Overview of Suzuki Motor Corporation>
Establishment
March 1920
Representative
Representative Director and President, Toshihiro Suzuki
URL
https://www.globalsuzuki.com/
Location
Head Office: Hamamatsu-shi, Shizuoka
Main Products
Automobiles, Motorcycles, Outboard Motors, Motorized
Wheelchairs, etc.
End