Founded 1996 | Parent organization Toyota | |
 | ||
Primearth EV Energy (PEVE) is the supplier of the nickel–metal hydride battery (NiMH) packs for Toyota’s hybrids, as well as for Honda (Civic hybrid and first generation Insight) hybrids. The company also provides the NiMH prismatic battery modules for the General Motors 2-mode hybrids. The company currently offers only NiMH products.
The company was known as Panasonic EV Energy Co until 2 June 2010. The company was formed in 1996 as a joint venture between Toyota and Panasonic, with Panasonic holding 60% of the capital. Panasonic sold 40.5% of the company to Toyota as a condition of purchasing Sanyo. Panasonic decided to reduce its stake in Panasonic EV Energy Co to speed up approval from anti-trust authorities in China and the U.S. The planned purchase of Sanyo would give Panasonic a market share of around 80% in nickel hydride batteries.
In early 2011, it is reported that Prime Earth EV Energy will start mass-producing lithium batteries for plug-in hybrids of Toyota at a factory in Shizuoka Prefecture, south of Tokyo, Japan.