Norwegian oil giant Equinor is considering the notion of making lithium-ion batteries.

This idea follows from the group's sustainability ambitions, and the potential battery partnership also includes Japanese electronics multinational Panasonic and Norwegian aluminum producer Hydro.

These three groups plan to explore the market for Li-ion batteries in Europe, aiming to set up a factory in Norway and banking on the continent's market for electric vehicles.

"Our companies seek to be leaders in the energy transition. The creation of this world-class battery partnership demonstrates Equinor’s ambition to become a broad energy company," writes Al Cook, Equinor's executive vice president of Global Strategy & Business Development.

"We believe that battery storage will play an increasingly important role in bringing energy systems to net zero emissions. By pooling our different areas of energy expertise, our companies will seek to create a battery business that is profitable, scalable and sustainable," he continues.

Equinor expects that batteries will play a crucial role in the future as Europe progresses toward climate neutrality in 2050. Electrification is an underlying element in the strategy, and the transportation sector in particular is forecast to add a lot of battery demand.

As a part of the cooperation's first phase, the three companies will start dialog with potential customers both within and beyond the European automotive sector. At the same time, talks will get started with relevant authorities in Norway and Europe to design competitive framework conditions.

Conclusions are expected to fall on the matter around the middle of next year.

English Edit: Daniel Frank Christensen

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