Tesla states it plans to start dealing with Japanese electronic devices company Panasonic Corp. on solar power.
Panasonic had no instant comment Monday on Tesla’s declaration on its business blog site that the companies have signed a non-binding letter of intent to start working together on production of photovoltaic cells and modules at Panasonic’s center in Buffalo, New York.
The deal needs investors’ approval of Tesla’s organized acquisition of San Mateo, California-based solar-panel business SolarCity Corp. Palo Alto, California-based Tesla has stated the cells and modules would be utilized with its energy storage items. Tesla CEO Elon Musk states SolarCity’s setup network and Tesla’s global energy storage might offer customers a one-stop store for sustainable energy and transport. Investors are due to vote on the acquisition on November 17.
“We are thrilled to broaden our partnership with Panasonic as we move toward a combined Tesla and SolarCity. By collaborating on solar, we will have the ability to speed up production of high-efficiency, exceptionally reliable solar batteries and modules at the finest cost,” stated JB Straubel, chief technical officer at Tesla.
Tesla plans to provide a long-lasting purchase dedication for those cells from Panasonic, inning accordance with the business.
The collaboration between Tesla and Panasonic consists of the production of electric car and grid storage battery cells at Tesla’s Gigafactory.
Panasonic is a significant maker of house devices, such as washing machines, fridges, TVs and microwaves, however its operations likewise include services and products for companies of different kinds, consisting of healthcare and security camera systems.