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-a role that supports people’s lives.
In this backdrop, Toyota and Panasonic have decided to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive prismatic batteries. The two companies last year in January had concluded a business integration contract and a joint-venture contract toward the establishment of a new company.
Now Toyota and Panasonic have also decided the outline of the joint venture that aims to develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.
Outline of the joint venture are as follows:
| Name | Prime Planet Energy & Solutions, Inc. |
| Location | Tokyo Head Office: 2-3-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo Kansai Head Office: 194-4, Tokonabe-cho, Kasai-shi, Hyogo-ken |
| Start of operations | April 1, 2020 (planned) |
| Executive structure | Representative Director and President: Hiroaki Koda (Toyota) -Directors (including the President): 5 (3 from Toyota and 2 from Panasonic) -Auditors: 2 (1 from Toyota and 1 from Panasonic) |
| Business |
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| Ownership | Toyota: 51 percent; Panasonic: 49 percent |
| Number of employees | Approximately 5,100 (including 2,400 at a subsidiary in China) |
Source: Press Release
Source: Press Release
