Sanyo pumps $1.8billion into battery and solar cell operations
Sanyo Electric plans 170billion yen ($1.8billion) in capital spending for its rechargeable battery and solar cell operations for the next three years.
The investment is part of a bid to meet the growing demand for green energy sources.
The rechargeable battery and solar cell manufacturer said the amount accounts for about 60% of its total capital expenditure of 290bn yen earmarked for the three years to March 2013.
Of the 170bn yen, Sanyo will set aside 50bn yen for solar cells and 120bn yen for rechargeable batteries.
Sanyo president, Seiichiro Sano, announced plans to start solar cell production at Panasonic's panel plant by early 2013. "We are striving to be a leader in the Panasonic group's energy and environment-related businesses," Sano said.
