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Equinor partners with Panasonic and Hydro to explore European battery business potential
Equinor is to form a strategic partnership with technology company Panasonic and industrial group Hydro to explore possibilities for establishing a sustainable and cost-competitive European battery business.
The companies will assess the market for lithium-ion batteries in Europe and develop the business case for a green battery business located in Norway. The initiative will be based on Panasonic technology and targets the European market for electric vehicles (EVs) and other applications. The companies will also investigate the potential for an integrated battery value chain and for co-location of supply chain partners.
Electrification is a fundamental element in Europe’s transition towards net zero emissions in 2050. Batteries are expected to play a vital role in this, especially in the transportation sector, where demand is growing rapidly.