Panasonic, Equinor and Hydro to explore potential for European battery business

Leading technology company Panasonic, energy company Equinor and industrial group Hydro have signed a Memorandum of Understanding (MoU) to form a strategic partnership to explore possibilities for establishing a sustainable and cost-competitive lithium-ion battery business in Norway to serve the European market.

The three companies will now conduct a study to map market opportunities in Europe with preliminary findings expected around summer 2021. As part of this initial phase, they will approach car makers and other potential customers in Europe, as well as relevant authorities in Norway and in Europe to ensure competitive framework conditions for this joint battery initiative.

“This collaboration combines Panasonic’s position as an innovative technology company and leader in lithium-ion batteries, with the deep industrial experience of Equinor and Hydro, both strong global players, to potentially pave way for a robust and sustainable battery business in Norway. Panasonic has powered the last two revolutions in the automotive industry – first by powering hybrids and now, by powering multiple generations of all electric vehicles. We are pleased to enter into this initiative to explore implementing sustainable, highly advanced technology and supply chains to deliver on the exacting needs of lithium-ion battery customers and support the renewable energy sector in the European region,” says Mototsugu Sato, Executive Vice President of Panasonic in the press release issued today.

To read the full press release or for enquiries on the project, visit jointbatteryinitiative.com