Asaka Riken of Koriyama, Fukushima Prefecture, will raise ¥6.6 billion through a syndicated loan from the Development Bank of Japan, Joyo Bank and Toho Bank. The funds will cover development costs for the electric vehicle lithium-ion battery recycling plant at its Iwaki plant, following surges in material prices and labor costs. The agreement is scheduled for 25 November.
Asaka Riken announced that it will raise ¥6.6 billion through a syndicated loan from the Development Bank of Japan, Joyo Bank and Toho Bank. The funds will be allocated to development costs for the electric vehicle lithium-ion battery recycling plant under construction in Iwaki.
The financing follows increases in development costs caused by higher material prices and labor costs.
The agreement is scheduled to be signed on 25 November, and progress will be monitored.