Equinor, Hydro and Panasonic have agreed to extend their strategic partnership

Equinor, the Norwegian oil, gas, wind and solar energy company active in more than 30 markets globally, Hydro, the Norwegian aluminium and renewable energy company, and Panasonic, the Japanese multinational developer of electronic technologies and solutions, has announced an agreement to extend their strategic partnership to explore the potential for establishing a joint European battery business.

In a statement, the companies said that the strategic partnership will continue to develop the business case for a sustainable and cost-competitive European battery business. It added that the joint battery initiative has refined possible Norwegian site locations for a potential European battery business to a handful of locations.

At the same time, the project will be looking at alternative locations in the European Union, it said.

Although the project is at an early phase, with no investment decisions taken as yet, the companies said that competitive framework conditions and market access would be decisive for the continued progress of the project.

The overall business case will form the basis for how the project proceeds, they added.