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Solar & Alternative Energy

Panasonic + Sanyo Could Create Solar and Battery Giant

A tie-up between Japanese electronics powerhouses Panasonic (PC) and Sanyo has been in the works for a while, but today it was made official, with Panasonic saying it has agreed to buy Sanyo for ¥800 billion ($9 billion) via a public tender offer. The main focus of the deal, Panasonic said, is the combination of the solar and lithium-ion battery businesses of the two companies, as well as a strengthened financial and business position.

Sanyo brings with it a big solar panel business, and Panasonic is looking at boosting both its solar and battery divisions once the deal is closed, saying that it sees significant future growth in both markets. Panasonic said the solar business will expand in the area of highly efficient crystalline silicon solar photovoltaic cells and modules, and in the development next-generation solar cells.

Full story from Fortune/CNN Money.