Japanese technology company Panasonic, energy giant Equinor and industrial group Hydro have signed a Memorandum of Understanding (MoU) to explore the potential for a lithium-ion battery business in Norway.
The collaboration, which aims to target the European market for electric vehicles (EVs) and other applications, will see the companies investigate the potential for an integrated battery value chain and the co-location of supply chain partners.
With the preliminary findings of this agreement expected to be unveiled by mid-2021, the battery joint venture intends to engage potential customers in Europe’s automotive and non-automotive industries and capitalise on the growing demand for electrification.
Mototsugu Sato, Executive Vice President of Panasonic, said: “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.”
Al Cook, Executive Vice President of Global Strategy and Business Development in Equinor, commented: “The creation of this world-class battery partnership demonstrates Equinor’s ambition to become a broad energy company. We believe that battery storage will play an increasingly important role in bringing energy systems to net zero emissions.”