Sumitomo, Nissan Motor, NEC and Showa Shell Sekiyu to form joint venture

Four Japanese companies: Sumitomo Corporation, Nissan Motor Co., Ltd., NEC Corporation and Showa Shell Sekiyu K.K. will form a joint venture company with a JPY660 million (US$8.46 million) start-up capital. The new company, Japan Charge Network Co., will offer battery charging services for electric and plug-in hybrid vehicles. Sumitomo, Nissan and NEC will each hold a 30% stake, while Showa Shell Sekiyu will own the remaining 10%. Sumitomo is a general trading company; Nissan manufactures passenger vehicles and forklifts; NEC provides systems, components, services and integrated solutions for computer and communications as well as semiconductor applications; Showa Shell Sekiyu is an energy company that produces oil products. (November 10, 2011)