- Battery technology will be developed for all sorts of applications, not only mobility.
- Operations begin on April 1st, 2020.
You’ll notice that this new company’s name makes no reference to cars. This is because Toyota and Panasonic are working on something far more involved than simply providing batteries for mobility purposes.
Prime Planet Energy & Solutions, Inc will specialize in battery technologies. Here’s how Toyota puts it in their press release: “Batteries―as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues―are expected to fulfill a central role in society going forward―a role that supports people’s lives.”
It was on January 22nd of 2019 that the two companies announced the formation of the new joint venture. They will develop effective, affordable, high performing batteries for Toyota products as well as all other types of customers.
It is sustained efforts like this that have seen battery pack prices drop by considerable amounts over the past decade. In fact, in 2010, the average batteries cost an average of $1,100 per kilowatt-hour. By the end of last year, the price had dropped to $156 per kWh, representing an 87%. Bloomberg reported in December that average prices will drop to roughly $100 kWh by 2024, closing in on price parity with ICE vehicles.