Japanese giants Toyota and Panasonic are to establish a joint venture that will specialize in developing automotive prismatic batteries.
The collaboration will see the two companies working on developing, manufacturing and the sale of high-capacity and high-output prismatic lithium-ion batteries that are “highly competitive, cost-effective, safe and feature excellent quality and performance in terms of capacity, output, durability”.
The joint company is called Prime Planet Energy & Solutions, and is something that has been a decision two-years in the making. Toyota will have majority ownership at 51% and Panasonic with 49%. Its battery technology solutions will be used for automotive vehicles as well as other forms of mobility for cleaner energy sources.
Outlines of the business also describes the development, manufacture and sales of solid-state batteries, as well as other next-generation automotive batteries including “batteries based on new principles”.