Panasonic Energy Enters Discussions with IndianOil Over Framework for Formation of Joint Venture to Manufacture Cylindrical Lithium-ion Batteries in India

Osaka, Japan – April 1, 2024 – Panasonic Energy Co., Ltd., a Panasonic Group Company, today announced it has signed a binding term sheet and initiated discussions with Indian Oil Corporation Limited ("IndianOil"; New Delhi) to draw a framework for formation of a joint venture to manufacture cylindrical lithium-ion batteries. This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market.