Panasonic Energy | Company Profile

← Back to Next-Gen Energy Storage guides

COMPANY PROFILE / NEXT-GEN ENERGY STORAGE

Panasonic Energy
A battery maker with cylindrical EV cell plants in Nevada and Kansas that has made data center storage systems its growth pillar

Panasonic Energy is the wholly owned subsidiary of Panasonic Holdings that runs its battery business, making cylindrical lithium-ion cells for vehicles (4680 and 2170) and storage modules and systems for data centers, among other products. FY2025 (year to March 2026) revenue was JPY 984.2 billion (+13%), with industrial and consumer at JPY 544.2 billion (+39%) and automotive at JPY 434.1 billion (-10%). Automotive posted an adjusted operating loss (JPY 11.9 billion) on U.S. tariffs and Kansas start-up costs, while data center business grew sharply. A U.S. IRA subsidy of JPY 213.4 billion was deducted from cost of sales, so earnings also depend on that scheme. On silicon anodes it has announced purchase agreements for material from Sila Nanotechnologies and Nexeon, but its actual use could not be confirmed. This article covers Panasonic Energy only (not Panasonic Holdings as a whole) and is limited to its cylindrical cells, silicon anodes and storage, setting out what it makes, where it invests, who it works with, and which parts are results and which are plans from its securities report, integrated report, official releases and U.S. statutes. Solid-state batteries are covered in a separate field of this series and are not discussed here. It is not investment advice.

Sources: Panasonic Holdings' Securities Report (119th term, filed 19 June 2026), Panasonic Energy's Integrated Report 2026 (30 September 2026) and website, official press releases (2022 to 2026) and U.S. statutes (Public Laws 117-169 and 119-21), used as primary material. Last updated October 2026.

What this article covers

Panasonic Energy in 30 seconds, and where it stands in next-generation energy storage
The logo and how the name is written
Where the company sits in the field
Scale (battery business)
Resources committed to next-generation energy storage
What it has done so far
What comes next
What the company is aiming for in next-generation energy storage
Map of partnerships in next-generation energy storage
Technologies, products and services
The risks this company carries
Glossary, references and claim-to-source audit

1. Panasonic Energy in 30 seconds, and where it stands in next-generation energy storage

LEGAL NAMEPanasonic Energy Co., Ltd.Established April 2022 (by name change); a 100% subsidiary of Panasonic Holdings (securities report)

HEADQUARTERSMoriguchi, Osaka, Japan1-1 Matsushita-cho. Production in Japan, the U.S., Mexico, China, Southeast Asia and elsewhere

LISTINGNot listedThe parent, Panasonic Holdings, is listed on the Tokyo Stock Exchange Prime market

TYPE IN THIS FIELDCells & materials (primary)
Storage systems (secondary)Centered on cylindrical lithium-ion cells for vehicles, plus storage modules and systems for data centers

REVENUE (FY2025)JPY 984.2 billion+13% year on year; industrial and consumer JPY 544.2 billion, automotive JPY 434.1 billion (integrated report)

OPERATING PROFIT (FY2025)JPY 69.8 billionDown JPY 50.4 billion year on year; adjusted operating profit JPY 72.1 billion (automotive -JPY 11.9 billion)

EMPLOYEESAbout 22,2001 April 2026, global consolidated; 21,562 at end of FY2025

R&D EXPENSES (FY2025)JPY 48.6 billionJPY 39.5 billion the year before; a new R&D base began operating in September 2026

The one thing to grasp first

Panasonic Energy pursues "twin-engine management" of automotive (EV) and industrial and consumer businesses Sourced. In FY2025 the two diverged. Automotive had an adjusted operating loss of JPY 11.9 billion on a weak U.S. EV market, tariffs, delayed start-up and higher costs at Kansas, and costs for past manufacturing defects. Industrial and consumer earned most of the profit, with adjusted operating profit of JPY 83.7 billion (+JPY 26.9 billion) on generative-AI data center demand Sourced. The company has been converting part of its automotive lines to data center use, and we read this as the center of earnings moving from a cylindrical-cell EV battery maker toward a data center power company Inference. For next-generation storage, both cylindrical cell technology (silicon anodes, 4680) and data center storage matter.

2. The logo and how the name is written

A note on names: the formal name is Panasonic Energy Co., Ltd. The parent, Panasonic Holdings, is a separate company and is not covered here. Prime Planet Energy & Solutions (a prismatic-battery joint venture with Toyota, 49% held by Panasonic Holdings as an equity-method affiliate) and Panasonic Energy of North America (which runs the Nevada and Kansas plants) are separate company names. The logo was reproduced by copying the paths of the SVG the company publishes on its website and checking the rendering against the original.

Official site: https://www.panasonic.com/jp/energy/

3. Where the company sits in the field

Fig. 1 The four types of company in next-generation energy storage, and where Panasonic Energy sits. The categories are our own, and the company names are examples from the companies profiled in this series Our calculation. Shares are this article's calculation from the integrated report (5,442 / 9,842 and 4,341 / 9,842).

The primary type is cell and materials maker. The table sorts the company's businesses and products from its own material Sourced.

Business	Main products and uses	What the company's material says	Type
Mobility Energy	Cylindrical lithium-ion cells for vehicles (4680, 2170, 1865)	Described as a pioneer that has led higher capacity in cylindrical cells. 2170 is made in Nevada and Kansas; for 4680, Wakayama has completed mass-production preparation and shipment timing is being coordinated with the customer. FY2025 automotive revenue was JPY 434.1 billion	Sourced (company statement)
Energy Solutions	Industrial and consumer lithium-ion cells, storage modules and systems (BBU) for data centers, e-bike batteries and more	Centered on storage systems for distributed power placed rack by rack. The company says it handles everything from cell development to module design, quality control, control and maintenance. The FY2028 data center sales target is JPY 950 billion	Sourced (company statement) / Not yet confirmed
Energy Devices	Dry cells, lithium primary and secondary cells, nickel-metal hydride cells	Aims to keep its domestic dry-cell leadership and expand overseas. It is not the subject of this article's "next-generation storage" focus and is not detailed	Sourced
Seeds of new businesses	Next-generation mobility, robotics and more	The integrated report names these only as ten-year seeds, with no volumes or timing. Solid-state batteries are also named, but they belong to a separate field and are not covered here	Not yet confirmed

Sources: Reference 2 https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf Reference 4 https://www.panasonic.com/jp/energy/company/profile.html Reference 5 https://www.panasonic.com/jp/energy/company/business-details.html

4. Scale (battery business)

Panasonic Energy corresponds to the "Energy" reporting segment of Panasonic Holdings, whose consolidated revenue was JPY 8,048.7 billion in FY2025. This chapter centers on the Energy (battery business) figures Sourced. Amounts are kept in yen.

Indicator (JPY 100 million)	FY2024	FY2025	FY2026 outlook	Note
Revenue	8,732	9,842	13,720	Outlook is the initial figure of May 2026 (+39%, company outlook)
Industrial and consumer	3,922	5,442	8,230	Driven by data center demand
Automotive	4,812	4,341	5,440	FY2025 was -10% year on year
Adjusted operating profit (including IRA subsidy)	1,227	721	1,730	FY2025 was -506 year on year. A company metric, separate from IFRS operating profit
Industrial and consumer	568	837	1,320
Automotive	651	-119	410	A loss in FY2025
Operating profit (IFRS)	1,202	698	-	Operating margin 7.1% (FY2025)
EBITDA	1,899	1,331	-	EBITDA margin 13.5% (FY2025); unaudited
Capex (tangible, accrual basis)	5,011	4,316	2,380	FY2026 is the planned amount in the securities report
R&D expenses	395	486	-	A new R&D base began operating in September 2026
Operating cash flow / free cash flow	2,130 / -2,676	489 / -3,605	-	FY2025 ROIC was 6.2% (11.9% the year before)

A caution

IRA subsidy effect: the securities report deducts the subsidy under the U.S. Inflation Reduction Act from cost of sales, in the amounts of JPY 206.2 billion (FY2024) and JPY 213.4 billion (FY2025). At the end of FY2025, subsidy receivables stood at JPY 219.8 billion in current and JPY 226.3 billion in non-current assets. The company books the part it expects to put to use with customers as a liability, so Panasonic Energy's own share is not disclosed. Even with the subsidy, automotive adjusted operating profit was -JPY 11.9 billion Sourced. Because the subsidy far exceeds operating profit (JPY 69.8 billion), earnings clearly depend on the scheme, but this article does not compute a result excluding the subsidy Inference. Adjusted operating profit is a company-specific metric and differs from IFRS operating profit (JPY 69.8 billion). The integrated report also uses research-firm figures (Fuji Keizai, Gartner, Synergy Research) for market sizes and share claims, and this article does not use them.

5. Resources committed to next-generation energy storage

Resource	What primary sources confirm	Type
People	About 22,200 employees (April 2026, consolidated). Panasonic Energy of North America (Nevada and Kansas) had 5,588 employees (end of March 2026, securities report). The number of R&D staff is not disclosed. About 500 people at the new R&D base "Energy Innovation Square" (Kadoma) and about 800 together with the Suminoe development site (September 2026)	Sourced / partly undisclosed
Money	R&D JPY 48.6 billion and capex JPY 431.6 billion in FY2025. The FY2026 capex plan is JPY 238.0 billion (-45% year on year). Funding is raised through Panasonic Holdings, per the company. The Kansas plant's book value is JPY 971.2 billion (end of March 2026). In FY2024 it sold the rights to IRA subsidies to a third party and received JPY 182.6 billion	Sourced
Stakes, acquisitions, joint ventures, divestments	Stake: US$25 million in Nouveau Monde Graphite (NMG), Canada (February 2024; a follow-on of up to about US$150 million with co-investors was planned). Joint venture / equity-method affiliate: Prime Planet Energy & Solutions (Toyota 51%, Panasonic Holdings 49%; prismatic cells for vehicles, using Panasonic patents). Partnerships: strategic partnerships with Mazda and SUBARU (discussions continuing). Acquisitions or divestments were not found	Sourced / not found
Universities, institutes and public funds	Universities: an agreement with the University of Kansas on technology development and talent (July 2024) and joint research with Brown University on materials diagnostics for lithium-ion batteries (October 2025). Public funds: the U.S. IRA tax credit (JPY 213.4 billion deducted from cost of sales in FY2025), the Kansas APEX incentive (receivables of JPY 101.0 billion in total; repayable if operations are not continued for a set period) and Japan's METI "stable supply assurance plan for storage batteries" (no support amount found in the material reviewed)	Sourced

Main products and facilities

Product / facility	Location and content	Scale	Stage	Date	Ref.
Nevada plant (Sparks)	Cylindrical cells for vehicles (2170)	About 41 GWh a year; expected to reach 44 GWh by FY2030	Operating (2017); the expansion is a plan Not yet confirmed	2017 - FY2030	2, 4, 6
Kansas plant (De Soto)	Cylindrical cells for vehicles (2170); labor-saving lines said to raise productivity about 20% over Nevada	About 32 GWh a year in the future and up to about 4,000 employees. The 2022 plan was about 30 GWh initially and production within FY2024	Mass production started (first line in July 2025), with more lines being brought up. The company says start-up ran behind the original plan and raised costs	Oct 2022 - Sep 2026	2, 6, 7
Wakayama plant	Mother plant for the 4680 cell	About 400 employees (planned, FY2024)	Mass-production preparation completed in September 2024. Shipment timing of finished cells is under coordination with the customer, and the electrode process is running (as of September 2026)	Sep 2024 - Sep 2026	2, 8
Domestic cells (converted for data centers)	Osaka plant's automotive lines converted for data centers	Cell capacity about three times FY2025 by FY2028	Shipments began in April 2026; the threefold level in FY2028 is a plan Not yet confirmed	Apr 2026	2, 18
Storage modules (BBU)	Mexico plants 2 and 3, and expansion in Japan	Capacity not given	Plant 2 is due to start mass production in FY2026 and plant 3 in FY2027 (decided)	Sep 2026	2
Data center cells at Kansas	Conversion of part of the automotive lines	Not given	Mass production planned from FY2028 Not yet confirmed	Sep 2026	2
New plant in Oizumi, Gunma	Part of the supply plan for Mazda and SUBARU	Not given	Start-up timing under consideration; discussions with both companies continue	Sep 2026	2

6. What it has done so far

When	What happened	Why it matters
1918 and 1931	Founded as a household-appliance maker; began making dry cells in-house in 1931	About a century of battery business
January 2017	The Nevada plant began operating	Mass production of cylindrical cells in North America
April 2022	Panasonic Energy Co., Ltd. established (by name change)	The battery business became an operating company
July and October 2022	Kansas APEX incentive approved (July); plant construction formally decided (31 October)	Toward a second North American plant
July and December 2023	Signed silicon anode purchase agreements with Nexeon (July) and Sila Nanotechnologies (December)	A supply network to raise the silicon share in the anode
February 2024	Invested US$25 million in NMG with a seven-year graphite offtake, and signed a four-year synthetic graphite supply with Novonix	Local sourcing of anode material (graphite) in North America
9 September 2024	Completed 4680 mass-production preparation and opened Wakayama as the mother plant	Preparation only; shipments are under customer coordination
31 March 2025	Began a "battery to battery" loop with Sumitomo Metal Mining, returning nickel from battery scrap to cathode material	Target of 20% recycled content in cathode material by 2027
14 July 2025	Mass production began at Kansas (2170)	The second North American automotive plant came on line
FY2025 (to March 2026)	Automotive in loss while data center grew strongly; joint research with Brown University (October) and a multi-year supply contract with Zoox (U.S.)	Earnings center moving to data centers
10 March 2026	Announced a growth strategy for data center storage (JPY 800 billion-scale sales in FY2028)	Later JPY 950 billion (September 2026)
April 2026	Began shipping data center cells from converted Osaka automotive lines	Shifting resources from automotive to industrial
16 and 30 September 2026	The new R&D base began full operation (16th); Integrated Report 2026 published (30th)	Latest disclosure

7. What comes next

FY2026 OUTLOOKRevenue JPY 1,372.0 billion
Adjusted operating profit JPY 173.0 billionThe company's initial outlook of May 2026, including the IRA subsidy. On 30 July 2026 the group announced an upward revision of its annual outlook (the Energy-specific revision was not found)

FY2028 TARGETSRevenue on the JPY 2 trillion scale
Adjusted operating profit above JPY 300 billionCompany targets; data center sales of JPY 950 billion (about three times FY2025)

JAPAN CELL CAPACITYAbout three times by FY2028Versus FY2025; by expanding existing lines and converting automotive lines

MEXICO STORAGE MODULESNew plants in FY2026 and FY2027Plant 2 due in FY2026 and plant 3 in FY2027

NEVADA PLANT44 GWh a year by FY2030Expected from higher-capacity technology and operating improvements (about 41 GWh today)

KANSAS PLANTAbout 32 GWh a year in the futureNo date given; also plans products with a new material that raises cell capacity by about 5% (July 2025)

4680 CELLShipment timing under coordinationPreparation completed (September 2024); coordination with a strategic customer, with no date given

ENERGY DENSITY TARGET1,000 Wh/L by FY2030Stated in December 2023 from a then-current 800 Wh/L (+25%, volumetric energy density of automotive cells). A company target; recent progress was not found

Everything above is a company target, outlook or plan Not yet confirmed. The results are the financial figures in chapters 4 and 5 and the sites announced as operating. The FY2028 data center sales target changed from JPY 800 billion-scale in March 2026 to JPY 950 billion in September 2026, and the company does not state why.

What could not be confirmed

None of the following appears in the official material this article reviewed Not yet confirmed.

Results of volume production or sales of cells actually using silicon anode material (contracts with Nexeon and Sila are confirmed); the customer and shipment timing of the 4680; actual output of each site; customer names for data center storage; the amount shared with customers from the IRA subsidy; and the amount of Japanese government support.

8. What the company is aiming for in next-generation energy storage

This chapter separates what the company says directly from what we infer. Inference marks our reading of the primary sources.

What can be read	Primary-source basis	Type
It champions twin engines of automotive and data centers while moving resources to data centers	The integrated report cites a resource shift through converting part of the Kansas automotive lines and reassigning people; Osaka automotive lines were converted and shipments of data center cells began in April 2026	Sourced
It aims at higher energy density through silicon anodes	Purchase agreements with Nexeon (July) and Sila (December) in 2023; a target of raising volumetric energy density from 800 to 1,000 Wh/L by FY2030; and a plan to put a new material that raises capacity about 5% into Kansas products	Sourced / Not yet confirmed
The 4680 is prepared for mass production, but shipments depend on customer demand	Two years after announcing completion in September 2024, the integrated report still says shipment timing is "under coordination"; only the electrode process is running	Inference
It is localizing materials in North America while cutting environmental load	Graphite (the NMG stake and Novonix), recycled cathode material and copper foil (Redwood Materials), silicon (Sila and Nexeon) and nickel recycling (Sumitomo Metal Mining), with a target of halving the carbon footprint by FY2030 from FY2021	Sourced
Earnings are strongly affected by the IRA subsidy and tariffs	The subsidy deducted from cost of sales (JPY 213.4 billion) far exceeds operating profit of JPY 69.8 billion, while U.S. tariff effects are cited among the causes of lower automotive profit. The integrated report expects IRA subsidy income and envisages using it effectively through talks with customers	Our calculation Inference

One inference, explained in more detail

The inference that the center of earnings is moving toward data centers rests on a swap in where profit comes from. In FY2024, of adjusted operating profit of JPY 122.7 billion, automotive was JPY 65.1 billion and industrial and consumer JPY 56.8 billion. In FY2025, of JPY 72.1 billion, industrial and consumer was JPY 83.7 billion and automotive -JPY 11.9 billion Sourced. The FY2026 outlook puts industrial and consumer at JPY 132.0 billion of JPY 173.0 billion, about 76% (132.0 / 173.0, Our calculation), with automotive at JPY 41.0 billion. At the same time, the company shows converted automotive lines, reassigned staff and a data center sales target for FY2028 (from JPY 800 billion-scale to JPY 950 billion). But automotive is in a phase the company expects to improve, with higher fixed costs from the Kansas start-up offset by a larger IRA subsidy and the absence of last year's one-off costs, so the ratio would change if automotive recovers Inference Not yet confirmed.

9. Map of partnerships in next-generation energy storage

Fig. 2 Sources: the securities report, Integrated Report 2026 and official press releases (2022 to 2026). Only relationships stated in official material are shown. Customer names other than Zoox are not given for automotive or data centers, and the strategic customer for the 4680 is not named. Prime Planet Energy & Solutions (the Toyota joint venture) is held by Panasonic Holdings, so it is folded into the parent node.

10. Technologies, products and services

Panasonic Energy's products span cylindrical cells, storage modules and systems, and material sourcing Sourced. Performance values are manufacturer's stated values, and values under different conditions are not compared.

Product	What the material says (manufacturer's stated values)	Ref.
2170 cell	Cylindrical cell for vehicles, made in Nevada and Kansas. As of March 2025 it had supplied about 19 billion cells, equivalent to about 3.7 million EVs, and says no vehicle recall has been caused by its batteries	6
4680 cell	About five times the capacity of the 2170. With larger capacity per cell, manufacturing needs more advanced techniques, per the company. Mass-production preparation completed at the Wakayama mother plant (2024)	8, 2
Silicon anode	The company says silicon has about ten times the theoretical capacity of graphite but swells on charging and degrades the battery. It has contracts to buy new silicon materials with suppressed swelling from Nexeon (planned for Kansas from 2025) and Sila (Titan Silicon). It claims to have been "the first in the industry to mass-produce automotive batteries using silicon" (company statement)	9, 10
Data center storage systems	Storage modules and shelves placed in server racks, with backup during outages and peak-shaving to cover peak shortfalls. A CBU shelf with a built-in supercapacitor is due to start production in FY2026	18, 2
Material sourcing	Graphite: NMG (seven-year offtake) and Novonix (10,000 t over four years, with a continuous graphitization furnace to cut CO2). Recycling: cathode material and copper foil from Redwood Materials and nickel from Sumitomo Metal Mining	11, 12, 13, 14

A materials engineer's view: in cylindrical cells, the silicon anode and the electrode process matter

The company's material shows where materials matter. (1) Silicon anode: the company says silicon has about ten times the theoretical capacity of graphite, but swelling-induced degradation limits how much can be added Sourced. Nexeon's material is described as suppressing swelling with a proprietary structure and Sila's as high-capacity with suppressed swelling, but the structure, loading level and measured cell-level gains are not given in the material Not yet confirmed. (2) Graphite: synthetic graphite is used to keep durability over repeated cycling; conventional Acheson furnaces take about 30 days at about 3,000 °C, while Novonix's continuous graphitization furnace is described as taking about three days Sourced. (3) Cylindrical winding and electrodes: the company says larger cells such as the 4680 demand more advanced techniques, and at Wakayama the electrode process is running first Sourced. For the basics, see our explainers on silicon anodes and nanostructured electrodes, graphite anodes and electrode design, and cell formats and cell-to-pack.

11. The risks this company carries

Risk	Details	Type
Dependence on the U.S. IRA subsidy	Section 13502 of the IRA (Public Law 117-169, enacted 16 August 2022) sets a tax credit of US$35 per kWh for U.S.-made battery cells and US$10 per kWh for modules, phasing down for components sold after 31 December 2029 (75% in 2030, 50% in 2031, 25% in 2032, 0% after 2032). Section 70514 of Public Law 119-21 (enacted 4 July 2025) added "prohibited foreign entity" restrictions. The company names repeal or reduction of such schemes as a risk to EV battery demand and the IRA tax benefit, and the FY2025 reduction of cost of sales was JPY 213.4 billion	Sourced (stage: enacted; phase-down from 2030)
U.S. tariffs and the EV market	U.S. tariff effects, a weak U.S. EV market and the end of the U.S. consumer EV tax credit (IRA 30D) are cited among the causes of lower automotive profit in FY2025. The amount of tariff impact was not found	Sourced / not found
Kansas ramp-up	Delayed start-up, higher costs and fixed costs, and costs for past manufacturing defects caused the automotive loss. The plant began mass production in July 2025, later than the original target of production within FY2024	Sourced / Inference
4680 shipments	Two years after preparation was completed, shipment timing is still under coordination with the customer. If customer demand does not return, equipment use is delayed	Inference Not yet confirmed
Concentration in data center demand	The FY2028 data center sales target is JPY 950 billion (from JPY 800 billion-scale three months earlier). The company says most planned sales are backed by customer agreements on development and orders. The FY2026 capex plan is JPY 238.0 billion, and return on invested capital fell to 6.2% in FY2025	Not yet confirmed
Financial note	The affiliate list in the securities report marks Panasonic Energy Co., Ltd. as a "company with a significant net liability position" with JPY 58.5 billion (31 March 2026; consolidated equity is JPY 1,611.8 billion). The accounting scope is as defined in the notes	Sourced
Domestic supply plan	The supply plan for Mazda and SUBARU (under METI's "stable supply assurance plan for storage batteries") is still under discussion with both companies, and the start-up timing of the new Gunma plant is under consideration	Not yet confirmed
Delivery of plans	The FY2028 targets of JPY 2 trillion-scale revenue and adjusted operating profit above JPY 300 billion, tripled domestic cell capacity and 1,000 Wh/L through silicon anodes are all company targets and their achievement is not confirmed	Not yet confirmed

12. Glossary

Cylindrical cell (4680, 2170): Named by diameter and height in mm; the 4680 is 46 mm by 80 mm and the 2170 is 21 mm by 70 mm.

Silicon anode: An anode that uses silicon instead of, or mixed with, graphite; high capacity but it swells on charging.

BBU: Battery backup unit; backup power placed in data center server racks.

CBU: Capacitor backup unit; contains supercapacitors to absorb load swings.

Peak shaving: Using stored energy to cover shortfalls at peak demand.

IRA / 45X: The U.S. Inflation Reduction Act and its advanced manufacturing production credit (Internal Revenue Code Section 45X).

Adjusted operating profit: The company's own profit metric, separate from IFRS operating profit.

PPES: Prime Planet Energy & Solutions, the prismatic-battery joint venture with Toyota.

GWh: A unit of energy; 1 GWh is one billion Wh.

Offtake agreement: A long-term supply agreement to buy output on set terms over a period.

Fig. 3 An image of cylindrical-cell manufacturing and anode materials at Panasonic Energy (AI-generated concept; it does not depict actual equipment or products). Reading guide: Jelly rolls, cylindrical cans and anode-material samples are shown separately.

13. References

Panasonic Holdings Securities Report, 119th term (April 2025 to March 2026; filed 19 June 2026; in Japanese). Energy segment revenue, operating profit, R&D and capital spending, accounting for the U.S. IRA subsidy, Kansas incentives and notes on affiliated companies. https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf
Panasonic Energy Integrated Report 2026, "Growth strategy" section (published 30 September 2026; in Japanese). FY2025 results, FY2026 outlook, FY2028 targets, strategy for automotive and data centers, and site plans. https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf
Panasonic Energy Integrated Report 2026, "Data section": financial highlights, capital spending, R&D, headcount and list of sites. https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S5_data.pdf
Panasonic Energy Official website, "Company profile": name, founding, businesses, headcount and history (Nevada plant 2017, Kansas plant July 2025). https://www.panasonic.com/jp/energy/company/profile.html
Panasonic Energy Official website, "Business details": the three businesses (mobility energy, energy solutions, energy devices) and main products (4680, 2170, 1865). https://www.panasonic.com/jp/energy/company/business-details.html
Panasonic Energy Press release, mass production begins at the Kansas automotive battery plant, aiming at about 32 GWh a year: 2170 cells; Nevada plant at about 41 GWh a year (14 July 2025) https://news.panasonic.com/jp/press/jn250714-5
Panasonic Energy Press release, decision to build a new automotive battery plant in Kansas: initial capacity of about 30 GWh and production targeted within FY2024 (31 October 2022) https://news.panasonic.com/jp/press/jn221031-3
Panasonic Energy Press release, mass-production preparation for the 4680 cell completed and the Wakayama plant reopened as the mother plant (9 September 2024) https://news.panasonic.com/jp/press/jn240909-6
Panasonic Energy Press release, purchase agreement for silicon anode material with Sila Nanotechnologies (12 December 2023) https://news.panasonic.com/jp/press/jn231212-2
Panasonic Energy Press release, purchase agreement for anode material with Nexeon: its silicon material was planned for use at the Kansas plant from 2025 (25 July 2023) https://news.panasonic.com/jp/press/jn230725-2
Panasonic Energy Press release, graphite supply agreement with Novonix: synthetic graphite, 10,000 t over four years (9 February 2024) https://news.panasonic.com/jp/press/jn240209-5
Panasonic Energy Press release, investment in Nouveau Monde Graphite and a graphite supply agreement: US$25 million and a seven-year offtake (15 February 2024) https://news.panasonic.com/jp/press/jn240215-2
Panasonic Energy Press release, purchase agreement with Redwood Materials for cathode material and copper foil: recycled cathode material was planned for the Kansas plant from 2025 (15 November 2022) https://news.panasonic.com/jp/press/jn221115-3
Panasonic Energy Press release, cathode raw-material recycling started with Sumitomo Metal Mining: a "battery to battery" loop for nickel (31 March 2025) https://news.panasonic.com/jp/press/jn250331-2
Panasonic Energy Press release, agreement with the University of Kansas on automotive battery technology and talent development (10 July 2024) https://news.panasonic.com/jp/press/jn240710-3
Panasonic Energy Press release, approval of the Kansas APEX investment incentive for the planned U.S. plant: about US$4 billion and up to 4,000 jobs envisaged (14 July 2022) https://news.panasonic.com/jp/press/jn220714-2
Panasonic Energy Press release, new R&D base "Energy Innovation Square" begins full operation with about 500 staff (16 September 2026) https://news.panasonic.com/jp/press/jn260916-2
Panasonic Newsroom Stories, "Panasonic's power solutions for the AI era: growth strategy for data center storage systems" (10 March 2026): capacity expansion in Japan, storage modules in Mexico and the FY2028 sales target. https://news.panasonic.com/jp/stories/18471
U.S. Congress (Public Law 117-169) Inflation Reduction Act of 2022 (enacted 16 August 2022), Section 13502: the advanced manufacturing production credit (Section 45X), US$35 per kWh for cells and US$10 per kWh for modules, phasing down for components sold after 31 December 2029. https://www.govinfo.gov/content/pkg/PLAW-117publ169/html/PLAW-117publ169.htm
U.S. Congress (Public Law 119-21) Public Law 119-21 (enacted 4 July 2025), Section 70514: amendments to the Section 45X credit, including restrictions relating to prohibited foreign entities. https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
Panasonic Energy Official website (source of the logo; used to confirm the company profile). https://www.panasonic.com/jp/energy/

14. Claim-to-source audit

Claim in the text	Type	Source
Name, founding, headquarters, business, headcount and history	Sourced	References 4, 1 https://www.panasonic.com/jp/energy/company/profile.html https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf
FY2025 revenue, the industrial and consumer versus automotive split, adjusted operating profit and operating profit	Sourced	References 2, 3, 1 Adjusted operating profit is a company metric. https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S5_data.pdf https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf
The FY2026 outlook and FY2028 targets	Not yet confirmed	Reference 2 Company outlook and targets. https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf
R&D, capex (actual and the FY2026 plan), ROIC and cash flow	Sourced	References 1, 3 https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S5_data.pdf
IRA subsidy deductions from cost of sales (JPY 206.2 billion in FY2024, JPY 213.4 billion in FY2025), the receivables, and the JPY 182.6 billion rights sale	Sourced	Reference 1 https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf
Kansas APEX receivables and the repayment condition	Sourced	References 1, 16 https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf https://news.panasonic.com/jp/press/jn220714-2
The credit amounts and phase-down timing in IRA Section 13502	Sourced	Reference 19 https://www.govinfo.gov/content/pkg/PLAW-117publ169/html/PLAW-117publ169.htm
The restrictions added by Section 70514 of Public Law 119-21	Sourced	Reference 20 https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
The Nevada plant (about 41 GWh a year, operating since 2017) and the expected 44 GWh by FY2030	Sourced	References 6, 4, 2 The 44 GWh is a company expectation. https://news.panasonic.com/jp/press/jn250714-5 https://www.panasonic.com/jp/energy/company/profile.html https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf
The Kansas plant's start of mass production (July 2025), the target of about 32 GWh a year and up to about 4,000 employees	Sourced	Reference 6 Annual output and jobs are targets. https://news.panasonic.com/jp/press/jn250714-5
The Kansas plant's initial plan (about 30 GWh and production within FY2024)	Not yet confirmed	Reference 7 The plan at the time. https://news.panasonic.com/jp/press/jn221031-3
Completion of 4680 preparation (September 2024) and shipment timing under coordination (September 2026)	Sourced	References 8, 2 https://news.panasonic.com/jp/press/jn240909-6 https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf
The silicon anode purchase agreements (Nexeon July 2023, Sila December 2023) and the 800 to 1,000 Wh/L target	Sourced	References 10, 9 The energy density is a company target. https://news.panasonic.com/jp/press/jn230725-2 https://news.panasonic.com/jp/press/jn231212-2
Results of adopting or mass-producing cells with silicon material	Not yet confirmed	Not found in the material reviewed, and this article does not infer it.
Graphite (the US$25 million NMG stake with a seven-year offtake, and Novonix's 10,000 t)	Sourced	References 12, 11 https://news.panasonic.com/jp/press/jn240215-2 https://news.panasonic.com/jp/press/jn240209-5
Recycling with Redwood Materials and Sumitomo Metal Mining	Sourced	References 13, 14 https://news.panasonic.com/jp/press/jn221115-3 https://news.panasonic.com/jp/press/jn250331-2
The agreement with the University of Kansas and the joint research with Brown University	Sourced	References 15, 2 https://news.panasonic.com/jp/press/jn240710-3 https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf
Tripled domestic data center cell capacity, the Mexico BBU plants, Kansas data center cells and the FY2028 sales target	Not yet confirmed	References 2, 18 Company plans and targets. https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf https://news.panasonic.com/jp/stories/18471
Energy Innovation Square (about 500 staff, September 2026)	Sourced	Reference 17 https://news.panasonic.com/jp/press/jn260916-2
The talks with Mazda and SUBARU, the Gunma plant timing under consideration and the Zoox supply contract	Sourced	Reference 2 https://www.panasonic.com/jp/energy/sustainability/report/Integrated_report2026_print_jp_S2_srategy.pdf
The affiliate note (JPY 58.5 billion net liabilities) and the 49% holding in PPES	Sourced	Reference 1 https://holdings.panasonic/content/dam/holdings/jp/ja/corporate/investors/pdf/securities-report/Report2025.pdf
The reading that the center of earnings is moving toward data centers	Inference	This article's interpretation of the swap in profit mix.
The reading that the IRA subsidy exceeding operating profit makes earnings dependent on the scheme	Inference	This article's interpretation from comparing the subsidy and operating profit (a result excluding the subsidy is not computed).
The materials readings (silicon, graphite, cylindrical winding)	Inference	This article's commentary.
Data center customer names, the 4680 customer, the IRA subsidy shared with customers and the tariff impact	Not yet confirmed	None appears in the material reviewed, and this article does not estimate them.
Market size and share figures (relying on research firms)	Not yet confirmed	Research-firm estimates; this article does not use them (our policy).

Last updated: 10 October 2026 / Troy Technical
The figures in this article are based on Panasonic Holdings' securities report, Panasonic Energy's Integrated Report 2026, website and official press releases, and U.S. statutes (Public Laws 117-169 and 119-21). Research-firm estimates and press-only figures are not used. Passages marked "Inference" are our reading of primary sources, not statements by the company. Performance values are manufacturer's stated values, and values measured under different conditions are not compared.