Nissan Motor said it had completed the majority acquisition of Vehicle Energy Japan (VEJ), an electric vehicle (EV) battery manufacturer headquartered in Hitachinaka, in Japan’s Ibaraki prefecture.

VEJ has become a consolidated subsidiary of Nissan as part of the deal which was first announced by the automaker in September. The battery manufacturer’s two minority shareholders, Tokyo-based Maxell and Hitachi Astemo, will continue to hold their shares alongside Nissan.

Nissan previously said VEJ has an integrated production system to assemble battery cells into battery packs, as well as advanced battery management system technology. The company currently develops and manufactures lithium-ion batteries, battery modules and battery management systems for hybrid vehicles. It has three battery manufacturing plants in Japan and one in Michigan.

Nissan also announced it had signed a JPY200bn (US$1.43bn) syndicated green loan agreement arranged by Mizuho Bank, which it said would fund clean mobility and related projects to progress its “long-term electrification and carbon neutrality ambitions”. More specifically, the loans will fund “R&D, investments and expenditures for the design, development and manufacture of zero-emission vehicles and components and other carbon-neutral initiatives”.