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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 on Jan 20, 2016 09:33 am CST - 0 mins, 43 secs reading time

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.

Chris Smith

ABOUT THE AUTHOR - Chris Smith

I'm a competitive gamer and was an eSports employee. Recent changes have seen me hang up the mouse and move over to the technology world, covering all news for TweakTown, ranging from gaming news to opinion articles and the latest tech releases. Expect to see a few different articles on international eSports news and competitive game releases, as well as audio and mobile device content.

NEWS SOURCE:pcworld.idg.com.au

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