Prime Planet Energy & Solutions, Inc. (PPES)

Company Profile



13F Nihonbashi Mitsui Tower, 2-1-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo 103-0022, Japan

Business Overview

-A joint venture company for automotive prismatic batteries established by Toyota and Panasonic.

-The company develops, manufactures, and sells high-capacity/high-power prismatic lithium-ion batteries and all solid-state batteries for automotive applications.


Chronology of the company's establishment

Dec. 2017 Toyota and Panasonic begin discussions on collaboration in the automotive prismatic battery business
Jan. 2019 The two companies agreed to establish a joint venture company for the automotive prismatic battery business
Apr. 2020 The company begins operations.

-On January 22 Toyota Motor Corporation (Toyota) and Panasonic Corporation (Panasonic) announced that they have agreed to establish a joint venture related to the automotive prismatic battery business. The two companies will establish a new joint venture by the end of 2020. The ratio of equity participation in the joint venture will be 51 percent for Toyota and 49 percent for Panasonic. The joint venture's operations will encompass research, development, procurement, manufacturing, and order receipt related to prismatic lithium-ion batteries, solid-state batteries, and next-generation batteries. Toyota will transfer all of its battery related operations to the joint venture. Panasonic will transfer its operations to the joint venture with the exception of its cylindrical battery business, which is used for the supply of products to Tesla Inc., and element technology development. The joint venture aims to become the global leader in battery development and manufacturing capabilities by integrating management resources for automotive batteries from both companies. Products from the joint venture will be sold to various automakers through Panasonic. The joint venture will have 3,500 employees who will be transferred from both companies. The operations transferred by Panasonic will include three plants in Japan and one plant in China that manufacture prismatic batteries. The production capacity and the investment amount for the joint venture are under discussion. The joint venture will be Toyota's subsidiary. Primearth EV Energy Co., Ltd. (PEVE), a subsidiary of Toyota, will continue to manufacture batteries primarily for hybrid vehicles. (From an article in the Nikkan Jidosha Shimbun on January 23, 2019)

-On April 1, 2020, Panasonic transferred the automotive prismatic battery business of its then consolidated subsidiary Sanyo Electric Co., Ltd. to Prime Planet Energy & Solutions, Inc. (PPES). At the same time, Panasonic transferred its entire stake in Panasonic Automotive Energy Dalian Co., Ltd. to PPE&S. Part of the shares were transferred to Toyota, and PPES became a joint venture subsidiary.

-On April 1, 2020, Toyota discontinued its battery-related business as the business related to the design and development of automotive batteries and elemental development was transferred to PPES.


Main models equipped:


-Unlisted (As of Mar. 31, 2023)
Name or Company Name Investment Ratio (%)
Toyota Motor Corp. 51.0
Panasonic Corporation 49.0


-Prismatic lithium-ion batteries
-Solid-state batteries

-High-capacity rectangular batteries for BEVs
-High-output batteries for HVs


Dec. 2017 Toyota and Panasonic have agreed to cooperate in developing prismatic batteries for vehicles
Jan. 2019 Both companies have agreed to establish a joint venture related to the automotive prismatic battery business
Apr. 2020 The Company started operations.


<A brief history of Toyota activities related to automotive batteries>

Date Activity
Oct. 2005 Announced the increase of its stake in Panasonic EV Energy (Kosai City, Shizuoka Prefecture), which manufactured and sold batteries for HVs, to 60%.
Apr. 2010 Announced that it has increased its shareholding in Panasonic EV Energy Co., Ltd. (PEVE) to 80.5%.
Jun. 2013 Toyota to establish a joint venture company in Changshu, Jiangsu Province, with Hunan Corun New Energy Co., Ltd., a Chinese battery manufacturer, to manufacture nickel metal hydride batteries for HV use.
Nov. 2013 Announced that it established a joint venture (JV), Sinogy Toyota Automotive Energy System Co., Ltd. (STAES), to produce hybrid batteries in China.
Mar. 2019 Toyota announced that it has agreed with Suzuki Motor Corporation to begin specific studies on collaboration in the areas of development and production.
Apr. 2019 As part of the company's efforts to promote the use of electric vehicles, the company announced that it will offer free of charge its sole patent license for vehicle electrification technology.
Jun. 2019 Announced that it will procure electric vehicle (EV) batteries from Contemporary Amperex Technology Co., Ltd. (CATL), BYD, Toshiba Corporation, GS Yuasa International Ltd. and Toyota Industries Corporation.
Jun. 2019 Announced the company will expand its Toyota ZEV Factory, which it established with the aim of speeding up decision-making.


<A brief history of Panasonic activities related to automotive batteries>

Date Activity
Dec. 1996 Established Panasonic EV Energy Co., Ltd.
Aug. 2004 Matsushita Battery Industrial announced that it would spin off its automotive battery business, which was handled by the Storage Battery Business Unit and other units, and establish a new company, Panasonic Storage Battery, in October.
Nov. 2007 Matsushita Battery Industrial Co., Ltd. announced that it will build a new lithium-ion battery production facility at the Wakayama Plant (Kinokawa City, Wakayama Prefecture) and boost its domestic production capacity.
May 2008 Panasonic EV Energy Co., Ltd. announced that it will establish a new plant in Miyagi prefecture to produce nickel metal hydride batteries for hybrid vehicles.
Jan. 2010 Panasonic and Tesla Motors announced that the two companies will collaborate in the development of EV batteries.
Jan. 2010 Panasonic EV Energy Miyagi Plant started production
Mar. 2010 Announced that it will start mass production of lithium-ion battery cells April 2010 at its new Suminoe Factory.
Jun. 2010 Panasonic EV Energy Co., Ltd. announced that it changed its name to Primearth EV Energy Co., Ltd.
Oct. 2010 Panasonic Liquid Crystal Display Co., Ltd. established in Himeji City, Hyogo Prefecture.
Nov. 2010 Announced that Panasonic and Tesla Motors have signed an agreement on capital collaboration.
Feb. 2011 Announced that it will transfer its automotive nickel-metal-hydride battery business handled at its Shonan Plant (Chigasaki City, Kanagawa Prefecture) to Hunan Corun New Energy Co., Ltd. in China.
Oct. 2011 Panasonic and Tesla Motors finalized a supply agreement for automotive-grade lithium-ion battery cells.
Nov. 2011 Announced that it will supply lithium-ion batteries for Toyota Motor Corporation's Prius Plug-in Hybrid.
Sep. 2012 Announced that its lithium-ion batteries have been chosen for Toyota Motor Corporation's “eQ” electric car.
Apr. 2013 Announced that it will supply its nickel-metal hydride (Ni-MH) battery systems for Fuji Heavy Industries' Subaru XV Crosstrek Hybrid for sales in the U.S. market.
Nov. 2013 The Company and Tesla Motors announced that the two companies have reached an agreement, under which Panasonic will expand its supply of lithium-ion battery cells to the electric vehicle manufacturer.
Oct. 2014 The Company announced that it has set up a new company, Panasonic Energy Corporation of North America (PENA), to produce and sell lithium-ion batteries for Tesla Motors in Sparks, Nevada, USA.
Feb. 2016 Announced that it established a joint venture company "Panasonic Automotive Energy Dalian Co., Ltd." (now Prime Planet Energy Dalian Co., Ltd.) to manufacture square-shaped lithium-ion batteries in Dalian, China. The JV is capitalized with Panasonic Corporation and Dalian Levear Electric Co, Ltd. each investing 50%.
Oct. 2017 Announced that its subsidiary, Panasonic Liquid Crystal Display Co., Ltd., will start production of automotive square lithium-ion batteries (LiBs) at its Himeji Plant.
Mar. 2018 Announced that an automotive battery joint venture has started volume shipment at its new automotive lithium-ion battery (LiB) plant in Dalian. Panasonic has established an automotive LiB production system covering Japan, the U.S., and China.


<A brief history of the company’s predecessor, the former Sanyo Electric activities related to automotive batteries>

Date Activity
Aug. 1964 Sumoto Plant opened. Mass production of nickel-cadmium batteries begins.
1985 Tokonabe Plant (currently Kasai Plant) begins operations.
1988 Tokushima Plant begins operations.
Oct. 2000 Agreed to acquire Toshiba Battery's nickel metal hydride battery business from Toshiba.
Jan. 2001 Announced that it will exclusively supply HV battery systems for Ford's Escape HEV
Oct. 2003 Announced the construction of a new plant on the Tokushima plant site, the core production base for lithium-ion batteries.
Oct. 2004 Agreed with Daimler to study the joint development of rechargeable batteries for HVs
May 2008 Announced that Sanyo Electric and Volkswagen have agreed on a joint project to develop lithium-ion batteries for use in hybrid vehicles.
Dec. 2008 Panasonic Corp. and Sanyo Electric Co., Ltd. announced that they have officially concluded the capital and business alliance agreement.
Oct. 2009 A new plant for the production of lithium-ion batteries for HVs was established at the Kasai Plant in Hyogo Prefecture.
May 2010 Announced that it is aiming for a 40% share of the global automotive rechargeable battery market in FY2020
Dec. 2010 Announced the completion of a new technology building for the research and development of lithium-ion batteries, which has been under construction in its Tokushima factory (Matsushige-cho, Tokushima Prefecture)
Apr. 2011 Panasonic makes Sanyo Electric a wholly owned subsidiary

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