Panasonic, Equinor, and Hydro have signed a Memorandum of Understanding (MoU) to form a joint battery initiative. The partnership is intended to explore possibilities for establishing a sustainable and cost-competitve European battery business, and preliminary findings are expected around mid-2021.
The companies will work together to assess the market for lithium-ion batteries in Europe and mature the business case for a green battery business located in Norway. They want to target the European market for electric vehicles and other applications, too. In addition to this, they plan to investigate the potential for an integrated battery value chain and for co-location of supply chain partners. The subsequent decisions will be dependent on their findings.
Panasonic, Equinor, and Hydro are going to enter into dialogue with relevant European and Norwegian authorities, aiming at ensuring competitive framework condidtions for their joint battery initiative.
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.”