Norwegian aluminum producer, Norsk Hydro has entered an understanding with Panasonic and energy company Equinor to explore a sustainable battery business in Europe.
The three companies will conduct an economic feasibility study to set up a green battery manufacturing business in Norway, Hydro’s home base. The trio will engage with potential customers such as electric vehicle manufactures in Europe as well as supply chain partners.
Hydro expects the preliminary findings from this exploration to be sought out by mid-2021, with subsequent decisions to be made in the summer. Panasonic has been a leader in the electrification of vehicles, being one of the major suppliers for Tesla. With the EV market growing rapidly as companies try to meet net-zero emissions by 2050, the trio sees the potential for a green battery producing operation.