Toyota Motor Corporation and Panasonic Corporation announce the creation of a joint venture manufacturing company, Prime Planet Energy & Solutions, Inc.
prismatic car batteries. The parties first announced the possibility of such business integration nearly a year ago – December 22, 2019. Key details have now become known.
The precondition for the creation of the company was the unanimous opinion of the parties that batteries, as a source of energy for cars and other modes of transport, will take on an increasing role in the development
society and improving people’s lives.
Prime Planet Energy & Solutions, Inc. will develop high-performance (in terms of capacity, capacity, lifetime, etc.) batteries: prismatic lithium-ion batteries for
solid-state electric cars for cars and other new generation. They will be delivered to Toyota car companies and any other customers.
The joint venture is expected to be operational from the first of April 2020. Hiroaki Kodu (Toyota) will be appointed Director and President. In total there will be five members of the management
directors including Mr. Hioraki: 3 from Toyota and 2 from Panasonic. The company will also have two auditors, one from each JV participant. The composition of shareholders will be divided approximately equally: Toyota
will be owned by 51%, Panasonic – 49%. According to participants, Prime Planet Energy & Solutions will form approximately 5,100 employees, including 2,400 employees in the
production, rechargeable battery