Equinor, Panasonic and Hydro to start European battery business

OSLO, NORWAY – Energy company Equinor, technology company Panasonic, and industrial group Hydro have signed a Memorandum of Understanding to form a strategic partnership to establish a sustainable and cost-competitive European battery business.

The firms will work together to assess the market for lithium-ion batteries in Europe by summer 2021 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 venture partners 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.

The companies will directly engage potential customers in Europe’s automotive and non-automotive industries as part of this initial phase, and enter into dialogue with relevant authorities in Norway and in Europe aiming at ensuring competitive framework conditions for this joint battery initiative.

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