Panasonic, Equinor & Hydro MoU for European Battery Business
Leading technology company Panasonic, energy company Equinor and industrial group Hydro have signed a Memorandum of Understanding to form a
Leading technology company Panasonic, energy company Equinor and industrial group Hydro have signed a Memorandum of Understanding to form a strategic partnership to explore possibilities for establishing a sustainable and cost-competitive European battery business. The companies will work together towards summer 2021 to assess the market for lithium-ion batteries in Europe and mature the business case for a green battery business located in Norway. The companies intend that this initiative is based on Panasonic’s leading technology and targets the European market for electric vehicles and other applications.
The companies will also investigate the potential for an integrated battery value chain and for co-location of supply chain partners. The findings from this initial exploratory phase will form the basis for subsequent decisions.
As part of this initial phase, the companies will directly engage potential customers in Europe’s automotive and non-automotive industries and enter into dialogue with relevant authorities in Norway and in Europe aiming at ensuring competitive framework conditions for this joint battery initiative. Preliminary findings are expected around mid-2021.