I did not see this one coming. Wayne Gerdes – CleanMPG – Aug. 8, 2017 AESC designed and built Nissan LEAF Li-Ion battery Nissan announced it has entered into a sale and purchase agreement with GSR Capital (GSR), a private investment fund, for the sale of Nissan's electric battery operations and production facilities to GSR. The sale and purchase agreement covers Nissan's battery subsidiary, Automotive Energy Supply Corporation (AESC), as well as battery manufacturing operations in Smyrna, Tennessee, owned by Nissan North America Inc. (NNA), and in Sunderland, England, owned by Nissan Motor Manufacturing (U.K.) Ltd. (NMUK). Assets sold to GSR will also include part of Nissan's Japanese battery development and production engineering operations located in Oppama, Atsugi and Zama. The workforce at all facilities covered by the deal, including the production plants at Zama, Sunderland and Smyrna, will continue to be employed. The HQs and development centers of the business will remain in Japan. Nissan will implement the transaction by first taking full control of AESC – founded in 2007 to develop advanced lithium-ion batteries – 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. Today's announced transaction is subject to normal consultation with staff representative bodies and, pending regulatory approvals, is expected to be completed by the end of December 2017. The transaction is contingent on GSR concluding purchase of all NECED shares from NEC. Financial terms have not been disclosed.