Power-One, Inc. (Nasdaq:PWER), a leading global manufacturer of renewable energy and energy-efficient power conversion and management solutions, and Panasonic Corporation (NYSE:PC), a worldwide leader in the development and manufacture of electronic products and solutions, announced today that they have entered into a strategic alliance to develop, produce and market energy storage systems for the residential and non-residential markets worldwide combining Power-One inverters with Panasonic lithium-ion batteries and systems.
As part of the agreement, the companies will leverage their respective research and development and sales and marketing resources for joint product and market development around the world. Initial efforts will focus on developing the residential, commercial and utility-scale, grid-connected, energy storage systems business in Europe and the U.S. as well as the non-residential segment in Japan. Additionally, the companies have committed to develop the large-scale commercial and utility photovoltaic inverter business in Japan.
"We are thrilled to be aligned with such an innovative company and house-hold brand as Panasonic,” said Dr. Alex Levran, President, Renewable Energy Solutions at Power-One. “Energy storage resources will greatly increase the adoption, use and sustainability of renewable energy systems throughout the world in homes, businesses, and in large utility plants. 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 Panasonic’s expertise in battery and battery storage with our advanced inverter technology should prove to be an unbeatable combination.”
"We are pleased to collaborate with Power-One, a global leader in the power inverter business,” said Mr. Tamio Yoshioka, Managing Officer, Director of Energy System Business Group at Panasonic Eco Solutions Company. “With the combination of Panasonic’s strengths in energy management technology and related products and Power-One's breadth of expertise in power inverter technology, we are well positioned to develop the energy storage systems business around the world, as well as expanding the non-residential segment of the energy management business in Japan."
Energy storage systems have been garnering a lot of attention lately for their ability to reduce investment in equipment through power levelling and the reduction of peak power consumption in large scale renewable energy systems as well as for their use as backup power supplies in the event of natural disasters and other emergencies. It is estimated that the size of the global market for energy storage systems will exceed $11 billion by 2020, mainly in Europe, North America, and Japan, where renewable energy technology is now being adopted.