Panasonic has unveiled its first hydrogen-powered facility in Europe, marking a significant step towards renewable energy.
- The Cardiff plant, powered entirely by renewables, includes 21 fuel cells, solar PV, and battery storage.
- A £100m investment supports the development of hydrogen technology in Cardiff and another European site next year.
- Panasonic faces a 10% sales drop in the UK, citing reduced demand and economic pressures.
- Despite financial losses, Panasonic remains committed to innovation and hydrogen technology.
Panasonic’s latest venture into renewable energy involves the establishment of its first hydrogen-powered plant in Cardiff, Wales. The facility, a microwave manufacturing plant in operation for 50 years, is the first in Europe to rely solely on renewable energy sources. The plant incorporates 21 5KW fuel cells powered by green hydrogen, in addition to solar photovoltaic systems and battery storage, all under the management of Panasonic’s proprietary Energy Management System.
This initiative is backed by a substantial £100m investment to foster the development of Panasonic’s HX hydrogen technology. The Cardiff plant serves as a pilot for this technology, with plans to expand to another location in Europe in 2025. Panasonic aims to demonstrate that the microwave production at this site can be sustained entirely by renewable energy, showcasing a potential model for future energy solutions.
Masahiro Shinada, Panasonic president and CEO, affirmed the importance of combining British and Japanese technology, expressing hopes that the plant will catalyse innovation and partnerships within the UK’s hydrogen sector. Shinada envisions the Cardiff facility as a cornerstone in building a hydrogen-based society and advancing a decarbonised future.
In contrast to these advancements, Panasonic has reported a decline in its UK sales, with revenues dropping by over 10% to £174m for the year ending March 2024. The decrease is attributed to diminished demand, particularly in microwave ovens and computer products, as well as increased competition and a challenging economic environment.
The company recorded a significant loss of £4.7m, compared to £48k the previous year. When recalculating pension liabilities, the loss extends to £14m. Panasonic indicated that past inflated spending during the pandemic has led to current sales challenges. Additionally, fluctuating commodity prices, with steel prices not decreasing as expected, have impacted material costs.
Despite these financial setbacks, Panasonic remains steadfast in its commitment to renewable energy and innovation. The Cardiff hydrogen-powered plant reflects this focus, serving as a beacon for future developments in sustainable technology.
Panasonic’s strategic push towards sustainable energy in Wales highlights its commitment to innovation despite facing economic challenges in the UK.
