EQNR - Equinor and Panasonic cancel battery project - leaving more questions than answers

In November 2020, energy transition heavyweights Equinor (NYSE:EQNR), Panasonic (OTCPK:PCRFY) and Hydro signed a memorandum of understanding ("MOU") to form a partnership exploring the possibility of establishing a battery business in Norway It was thought the technological expertise of Panasonic, paired with the power expertise of Hydro, and the energy supply chain knowledge of Equinor, would create a market leader in the European, automotive battery sector The MOU was extended in September of this year, alongside comments indicating any investment decision would depend on "competitive framework conditions and market access" In an announcement today, the partnership was disbanded and site selection negotiations ended Given the trajectory of demand for batteries in the European auto market, and the expertise of those involved, it's unclear what brought the venture to a halt; perhaps a lack of investment incentives or a trade-related issues, as eluded to in the MOU extension, or perhaps friction amongst the

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Equinor and Panasonic cancel battery project - leaving more questions than answers