Equinor, Hydro and Panasonic explore options for a potential joint European battery business

Equinor, Hydro and Panasonic explore options for a potential joint European battery business

(PRESS RELEASE) OSLO, 26-Aug-2021 — /EuropaWire/ — Equinor ASA (OSE:EQNR, NYSE:EQNR), an oil, gas, wind and solar energy company active in more than 30 markets globally, Hydro (OTCMKTS: NHYDY), a Norwegian aluminium and renewable energy company committed to a sustainable future, and Panasonic (TYO: 6752), a worldwide leader in the development of diverse electronics technologies and solutions, have announced they have agreed to extend their strategic partnership to explore the potential for establishing a joint European battery business.

The strategic partnership will continue to develop the business case for a sustainable and cost-competitive European battery business.

The joint battery initiative has refined possible Norwegian site locations for a potential European battery business to a handful. At the same time, the project will be looking at alternative locations in the European Union.

Competitive framework conditions and market access will be decisive for continued progress.

The project is still in an early phase and no investment decisions have been taken. The overall business case will form the basis for how the project will proceed.

Media contacts:

Line Haugetraa
Head of Investor Relations
+47 41406376
line.haugetraa@hydro.com

Kari Ertresvåg
Head of Communication, Batteries
+47 952 96 767
kari.ertresvag@hydro.com

SOURCE: Norsk Hydro ASA