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Thursday, Sep 21, 2023

Power-One Partners With Panasonic

Camarillo solar equipment manufacturer Power-One Inc. has entered into a partnership with Japanese electronics giant Panasonic Corp., the company said Tuesday. The two companies will focus on the research and development of utility-scale energy storage systems, which store energy during off-peak hours for later use. They will be sold for residential and commercial use in the U.S. and Europe and for non-residential uses in Japan. Power-One makes inverters that convert solar power from direct current to alternating current that is usable by customers, and the company said its product will be paired with Panasonic’s lithium-ion batteries and systems. “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,” said Alex Levran, president of renewable energy solutions at Power-One, in a statement. Last year, Panasonic completed a new solar panel plant in Malaysia for $564 million, but analysts speculated that the company would scale back its renewable energy products based on weak sales in Europe. Last week, Power-One reported a $17.1 million loss in the fourth quarter, also citing weak European sales. Shares of Power-One closed up 29 cents, or 7.1 percent, in trading on the Nasdaq.

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