A new European battery business based in Norway could by launched by Japanese electronics group Panasonic, and Norwegian groups Equinor and Norsk Hydro, after the three opened talks on a potential link-up.

The trio signed a strategic partnership “to assess the market for lithium-ion batteries in Europe and mature the business case for a green battery business located in Norway”, said a statement.

The potential new battery group would be based on Panasonic’s own lithium-ion technology and “target the European market for electric vehicles and other applications”.