Panasonic Plans to Spend $1B+ on Eco-friendly Energy Technologies

December 20, 2008 / No Comments

fumio ohtsubo panasonic Panasonic Plans to Spend $1B+ on Eco friendly Energy TechnologiesPanasonic is planning to spend Y100 billion ($1billion+ depending on the yen rate) to develop eco-friendly energy technologies like rechargeable batteries and solar cells.

This plan is in align with the company’s desire to acquire Sanyo Electric for a sum close to $9 billion.

Sanyo’s strength is in rechargeable batteries (leader in Li-ion batteries) and solar cells (ranks 7th), which Panasonic considers as strategic areas.

“We needed to take drastic measures to secure growth amid a global economic downturn and structural changes in the electronics industry,” said Panasonic’s President, Fumio Ohtsubo.

When the two are combined it will create a giant manufacturer more competitive to ride out a worsening global downturn, with consolidated sales of more than 10 trillion yen, equal to Japan’s No 1 electronics and electrical machinery maker – Hitachi Ltd.

The Panasonic/Sanyo duo will also make for a powerful force in developing eco-friendly technologies, too.

Source: Nikkei (sub req)