Strengthening the National Maintenance Network and Initiating Joint Research on Next-Generation Battery Replacement and Repair
Kyoto, Japan – EV manufacturer folofly Co., Ltd. (CEO: Hiroyasu Koma; Headquarters: Kyoto City, Kyoto Prefecture) has announced that it has received an investment from Mitsui Sumitomo Insurance Capital Co., Ltd. (CEO: Taku Morimoto; Headquarters: Chuo-ku, Tokyo; hereinafter referred to as Mitsui Sumitomo Insurance Capital), a wholly owned subsidiary of Mitsui Sumitomo Insurance Co., Ltd. (CEO: Shinichiro Funabiki; Headquarters: Chiyoda-ku, Tokyo; hereinafter referred to as Mitsui Sumitomo Insurance). In addition, folofly has entered into a new strategic partnership with Mitsui Sumitomo Insurance to jointly advance technologies for the replacement and repair of EV batteries.
folofly and Mitsui Sumitomo Insurance had already formed a partnership last year aimed at promoting environmentally conscious vehicle maintenance, contributing to the enhancement of EV after-sales services. With the new agreement, both parties aim to further strengthen their efforts toward building a sustainable society and supporting environmental conservation through advancements in EV battery technology.
Background of the Partnership
In July 2023, folofly began collaborating with Mitsui Sumitomo Insurance’s “Advance Club” (AC), an organization of auto repair shops and insurance agencies supported by Mitsui Sumitomo Insurance. This partnership focused on vehicle maintenance and after-sales services, leveraging a national maintenance network to ensure safe and secure EV operations.
With the newly established partnership, folofly and Mitsui Sumitomo Insurance will now initiate joint research on the replacement and repair of EV batteries, specifically lithium iron phosphate batteries.
Moving Forward
folofly remains committed to realizing a sustainable society through collaboration with forward-thinking companies. By enhancing support at the time of EV adoption, strengthening after-sales services, and developing vehicle models and services tailored to the needs of the logistics industry, folofly aims to contribute to decarbonization efforts by achieving a balance between economy and ecology.
■About folofly’s F1 Series – Meeting Decarbonization Demands in the Commercial Automotive Sector
With a horizontal specialization model focusing on domestic product development and external manufacturing, Folofly has developed Japan’s first 1-ton payload EV trucks, the F1V and F1T, at twice the speed of conventional methods. The F1VAN received its commercial license in September 2022 and has since been adopted across Japan, from Hokkaido to Okinawa.
In 2023, folofly launched new models with enhanced safety and convenience features. In July, the vehicles were designated as eligible for subsidies under a government program promoting commercial EV adoption.
■Company Overview:
Name: folofly Co., Ltd.
Established: August 3, 2021
CEO: Hiroyasu Koma
Capital:¥1,309,780,000 (including capital reserves and capital surplus)
Headquarters: 93 KRP Building 4, Chudoji Awata-cho, Shimogyo-ku, Kyoto
Business: EV development and sales, environmentally friendly infrastructure services