A year after Toyota and Panasonic announced a joint venture focused on the development of automotive prismatic batteries, the two industry giants have signed the deal and established Prime Planet Energy & Solutions Inc. Ownership of the new venture gives
Toyota 51 percent and Panasonic 49 percent.
The ever-growing trend of electric vehicles (EVs), which is projected to reach 18.7 million on U.S. roads by 2030, requires innovation and development of more lightweight, cost-effective batteries that are long lasting. This venture will combine Toyota’s expertise, technology and market intelligence with Panasonic’s innovation with high-capacity, high-output batteries, as well as experience with the mass production of batteries.
“Batteries—as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues—are expected to fulfill a central role in society going forward,” the companies said in a joint statement.
Prismatic cells, introduced in the early 1990s, were developed to accommodate thinner sizes and lower production costs. They were typically used for smaller-scale items, such as mobile phones. As EVs evolved, prismatic cells became an ideal solution for providing their power. In larger formats, packed in welded aluminum, prismatic cells offer better space utilization and flexibility. On the downside, they can be more expensive to manufacture and have a shorter life cycle than traditional designs.
Prime Planet Energy & Solutions plans to change that. Its efforts will be focused on developing safe, competitive, cost-effective batteries that perform in regards to capacity, output and durability, among other requirements needed to keep EVs operating optimally. Its research and development will also tackle the environmental issues often associated with producing lithium-ion batteries.
In addition to developing automotive prismatic lithium-ion batteries, the company plans to develop automotive solid-state batteries and next-generation automotive batteries. The venture’s batteries will be supplied across the board and not just to Toyota.
The new venture will have its headquarters in Tokyo and Kansai, which are expected to begin operations in April, and will employ approximately 5,100 people, including 2,400 at a subsidiary in China.
Interesting in learning more about the importance of battery innovation for the future of vehicles? Check out What You Need to Know About Batteries for Electric Vehicles.