Don’t let that headline fool you, Nissan is still debuting an al-new Nissan Leaf EV next week, but Nissan has announced that it is selling its electric battery operations and production facilities. Nissan has signed an agreement with GSR Capital, a private investment fund.

GSR Capital will acquire Nissan’s battery subsidiary, Automotive Energy Supply Corporation (AESC), as well as battery manufacturing operations in Smyrna, Tennessee and in Sunderland, England. Assets sold to GSR will also include part of Nissan’s Japanese battery development and production engineering operations located in Oppama, Atsugi and Zama.

“This is a win-win for AESC and Nissan. It enables AESC to utilize GSR’s wide networks and proactive investment to expand its customer base and further increase its competitiveness,” stated Hiroto Saikawa, president and chief executive officer of Nissan. “In turn, this will further enhance Nissan’s EV competitiveness. AESC will remain a very important partner for Nissan as we deepen our focus on designing and producing market-leading electric vehicles.”

Although Nissan is selling the operations and production facilities, all the workforce at all facilities will continue to be employed.

The first step in the sale is for Nissan to first take full control of AESC, by acquiring the combined 49% minority holding held by NEC Corporation and its wholly owned battery and electrode subsidiary, NEC Energy Devices, Ltd (NECED).

NEC today announced its approval of the sale of AESC shares to Nissan and the fact that it is in negotiations with GSR for the sale of NECED. The sale is expected to be completed by the end of the year.

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