Battery materials and manufacturing company Nexeon has entered into a supply partnership with Panasonic Energy Co., Ltd., a Panasonic Holdings Corp (OTC:PCRFY) company.
Nexeon has developed an advanced silicon-based anode material that has the potential to boost the energy density of lithium-ion cells by up to 50%.
Panasonic and Nexeon have entered into a long-term supply agreement to power lithium-ion cells with this material from 2025.
Also Read: Panasonic Energy, Mazda Discuss Battery Supply Partnership
The agreement will see Nexeon supplying materials to Panasonic that will result in the production of cells that address key consumer concerns related to EVs.
Increasing the energy density of lithium-ion batteries offers increased vehicle range and reduced charging time.
“Our Silicon Anode material will bring dramatically improved vehicle range and charging speeds for EVs, helping to address drivers’ concerns and accelerate the transition to cleaner forms of mobility,” said Nexeon CEO Scott Brown.
Also Read: Tesla Supplier Panasonic Eyes Two Or More Battery Plants In North America By 2030
Price Action: PCRFY shares traded higher by 0.16% at $12.41 on the last check Tuesday.
