Tesla and Panasonic Expanding Business

Fri, 07/16/2010 - 20:07

The Silicon Valley-based manufacturer of electric spots car Tesla has entered a new era of partnership with the Japanese electric company Panasonic, as the Japanese invest $30 million in the American firm.

They made this investment through the purchase of Tesla common stock in a private placement at a price of $21.15 per share.

Tesla currently uses Panasonic battery cells in its advanced battery packs, but now they will also collaborate on the development of next generation battery cells designed specifically for electric vehicles.

“Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding,” said Naoto Noguchi, President of Energy Company, a unit of Panasonic responsible for the battery cell business. “Our sophisticated lithium-ion battery cell technology, combined with Tesla’s market-leading EV powertrain technology, helps us fulfill this goal by promoting sustainable mobility. We are proud to strengthen our relationship with Tesla Motors.”

“It is an honor and a powerful endorsement of our technology that Panasonic, the world’s leading battery cell manufacturer, would choose to invest in and partner with Tesla,” said Tesla CEO and cofounder Elon Musk. “Panasonic offers the highest energy-density cells and industry-leading performance with cutting edge Nickel-type cathode technology. We believe our partnership with them will enable us to further improve our battery pack while reducing cost.”

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