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Globe Newswire
Norsk Hydro: Panasonic, Equinor and Hydro 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 the possibilities of establishing a sustainable and cost-competitive European battery business. The companies will work together towards summer 2021 to assess the lithium-ion battery market in Europe and mature the business case for a green battery business based in Norway. The companies intend this initiative to build on Panasonic’s leading technology and target the European market for electric vehicles and other applications. The companies will also investigate the potential for an integrated battery value chain and co-location of supply chain partners. The results of this first exploratory phase will form the basis for subsequent decisions. Panasonic’s plan to expand its presence in the European lithium-ion battery market Mototsugu Sato, Executive Vice President of Panasonic, says the company sees the strategic partnership with Equinor and Hydro as a potential foundation for future development and growth in the energy / battery sector in the European Region. “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 the 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 delighted to join this initiative to explore the implementation of sustainable and highly advanced technologies and supply chains to meet the demanding needs of lithium-ion battery customers and support the renewable energy sector in the European region. “Ambition to create a profitable and sustainable business “Our companies strive to be leaders in the energy transition. The creation of this world-class partnership for batteries demonstrates Equinor’s ambition to become a major energy company. We believe that battery storage will play a role. increasingly important role in bringing energy systems to net zero emissions. By combining our different areas of energy expertise, our companies will seek to create a profitable, scalable and sustainable battery business, “said Al Cook, Executive Vice President of Global Strategy & Equinor Business Development. Electrification is a key element in Europe’s transition to net zero emissions in 2050 and batteries should play a key role in this, especially in the transport sector, where demand is growing rapidly. “We expect battery production to grow rapidly as a solution to the world’s number one challenge, climate change. We have already seen in recent years that Hydro’s unique combination of renewable energy and transformation industries capabilities provides a solid foundation for partnerships to explore growth opportunities in the battery industry, “says Arvid Moss, Executive Vice President for the energy and Hydro’s business development. “We believe the combined strengths of Panasonic, Equinor and Hydro represent an interesting starting point for exploring the possibilities of a profitable and sustainable battery business in Norway, where we have a solid foundation, a renewable energy base and close proximity to the European market, “he says. Preliminary results expected around mid-2021 As part of this initial phase, the companies will directly engage potential customers in the European automotive and non-automotive sectors and enter dialogue with competent authorities in Norway and Europe in order to ensure conditionality n competitive framework for this joint battery initiative. Preliminary results are expected around mid-2021. To contact the project, visit www.jointbatteryinitiative.com About Panasonic Panasonic Corporation is a world leader in the development of various electronic technologies and solutions for customers in the consumer electronics, construction industries housing, automotive and B2B. The company, which celebrated its 100th anniversary in 2018, has expanded globally and now operates 528 subsidiaries and 72 associated companies around the world. Panasonic’s mission is to create the safest, highest quality and lowest cost batteries in the world. Through this commitment, Panasonic will create a clean energy society and our products will change society’s use and perception of electricity. Committed to pursuing new value through innovation across division lines, the company uses its technologies to create a better life and a better world for its customers. To find out more about Panasonic: https://www.panasonic.com/. About Equinor Equinor is an international energy company that develops oil, gas, wind and solar power in over 30 countries around the world. As the largest operator in Norway, a leading international offshore operator and a growing force in renewable energy, we are committed to a low-carbon future and to shaping the future of energy. We aim to reach net zero by 2050 and are committed to creating long-term value in support of the Paris Agreement. For more information on Equinor, visit https://www.equinor.com/. About Hydro Headquartered in Norway with approximately 35,000 employees and operations in approximately 40 countries, Hydro is rooted in over a century of experience in renewable energy, industrial technology scalability, innovation and operational excellence. Our aim is to create a more viable society by developing natural resources into products and solutions in innovative and efficient ways. For more information on Hydro, visit https://www.hydro.com/. Investor Contact: Line Haugetraa +47 41406376 [email protected] Media Contact: Halvor Molland +47 92979797 [email protected]
