The world’s largest manufacturers of lithium-ion batteries “Panasonic Corporation” has signed a preliminary agreement with the leading Nordic energy company, Equinor, and engineering and industrial company, Norsk Hydro, to contribute to the construction of a battery trade in Northern Europe.
Moreover, the three companies stated that in the coming months they will work to assess the lithium-ion battery market in Europe and explore the possibility of starting a large battery company in Norway.
In a statement, executive vice president of Panasonic Mototsugu Sato said that this collaboration combines Panasonic’s position as an innovative technology company and leader in lithium-ion batteries, with the deep industry experience of Equinor and Hydro to potentially pave way for robust and sustainable battery business in Norway. He also said “We are pleased to be participating in this initiative to explore the implementation of sustainable and highly advanced technologies and supply chains to meet the needs of lithium-ion battery customers in the European region.
As part of the deal, companies will explore the potential of an integrated battery value chain and co-location of supply chain partners, according to a news release.
However, the company’s primary customers for batteries are Tesla and Toyota, while LG counts automotive manufacturers, including general motors, Groupe Renault, Hyundai, Ford Motor Company, and Volvo as its primary customers.
Besides, the penetration of Panasonic in Northern Europe alongside two major regional players in hydrocarbons and renewables is a sign of the potential that exists on the European market beyond the automobile.
Al Cook, Executive Vice President of Global Strategy and business development in Equinor said our businesses are looking at being leaders in the energy transition and the creation of this world-class battery collaboration demonstrates Equinor’s ambition to become a broad energy company.