Panasonic to spend EUR 130m on decarbonisation in Europe

Japanese tech giant Panasonic Corp (TYO:6752) will spend EUR 130 million (USD 141.4m) on developing technology for a pilot retrofit project using fuel cells, solar power generation and battery storage, to be adopted by its production facility in Cardiff, Wales, and replicated at another site in Europe.

The consumer electronics group presented the plan for Panasonic Manufacturing UK Ltd’s site on Tuesday, saying the overall investment will be made over the next two years. The proceeds are earmarked for transforming the Welsh factory into a RE100 demonstration production facility next year and for a second site in Europe later in 2024.

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Panasonic’s Cardiff factory, where the company makes microwave ovens and small appliances, will become a site supplied with 100% renewable electricity, provided that the project secures planning approval. Specifically, the project will combine 21 pure hydrogen fuel cells totalling 105 kW, some 290 kW of solar arrays and 1 MWh of battery storage systems.

“This is such an important project – both for Wales, for the UK and wider society. It will be a shining example of what can be achieved by the integration of cutting-edge technologies and innovative approaches to accelerating the energy transition,” said Robert Blowers, managing director of Panasonic Manufacturing UK.

Panasonic aims to source 100% of its energy from renewable sources by 2050, with its interim target being to become net-zero by the end of the decade.

(EUR 1.0 = USD 1.088)