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Tesla Gigafactory to receive $1.6bn Panasonic investment

Panasonic invests $1.6 billion into the Tesla Gigafactory in order to advance automotive and home batteries
By: Chris Smith | Business, Financial & Legal News | Posted: Jan 20, 2016 3:33 pm

The advancement of lithium-ion batteries doesn't come cheap, with reports stating that Panasonic will be throwing a $1.6 billion investment towards Tesla for its Gigafactory.

 

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The factory is set to cost a total of $5 billion once completed and is currently being built just outside of Reno, Nevada. This investment by Panasonic has been stated as an attempt in order to cement a strong place in the future of vehicle technologies, confirmed by president Kazuhiro Tsuga at CES 2016 in Las Vegas.

 

While the Gigafactory will be working on advancements of batteries for Tesla automobiles, it will also function as a house battery builder, with these products set to store gathered solar energy on private homes and businesses alike.

NEWS SOURCES:Pcworld.idg.com.au

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