The two companies have entered into a strategic alliance to develop, produce and market energy storage systems, which will feature Power-One inverters, and Panasonic lithium-ion batteries and systems.
Initially, they aim to develop the residential, commercial, utility-scale and grid-connected energy storage systems business in the European and U.S. markets, and in Japans non-residential market.
"Panasonic’s strengths lie in the development, production and sale of products like their home energy management systems (HEMS) and lithium-ion battery cells, which are vital for power storage systems. Combining Panasonics expertise in battery and battery storage with our advanced inverter technology should prove to be an unbeatable combination," stated A lex Levran, president, Renewable Energy Solutions at Power-One
Power-One and Panasonic have further said they intend to develop the large-scale commercial and utility photovoltaic inverter business in Japan.
No more details were provided and they did not mention where the financing has come from.