Two Norwegian firms have signed a memorandum of understanding (MoU) with Japan’s Panasonic to explore the business case for establishing a European lithium-ion battery business.
Technology company Panasonic has formed a strategic partnership with energy company Equinor and industrial group Norsk Hydro to assess the market for lithium-ion batteries in Europe and develop a business case for commercial opportunities in Norway.
The companies will work together to develop the initiative, which will be based on Panasonic’s 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 for co-location of supply chain partners. The findings from this initial exploratory phase will form the basis for subsequent decisions.
Al Cook, executive vice president of global strategy & business development in Equinor, said: “We believe that battery storage will play an increasingly important role in bringing energy systems to net zero emissions.
“By pooling our different areas of energy expertise, our companies will seek to create a battery business that is profitable, scalable and sustainable.”
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.
Image: The MoU for the strategic partnership was signed by (from left) Allan Swan, president of Panasonic Energy North America, Al Cook, executive vice president of Global Strategy & Business Development in Equinor, and Arvid Moss, executive vice president of Energy and Corporate Development in Hydro.
