Toppan to set up battery packaging joint venture in Sweden
Business news
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By
Nick Flaherty
Japanese packaging giant Toppan has signed a deal with Toyo Seikan to set up a ¥11bn (€65m) joint venture that will manufacture and sell packaging for automotive lithium-ion batteries in Sweden.
The battery packaging joint venture will be set up by January 2025 and aims to launch manufacturing operations in 2026 or later.
Back in 2011, Toppan Holdings and Toyo Seikan established T&T Enertechno as a joint venture manufacturing packaging for lithium-ion batteries used in smartphones and electric vehicles (EVs) in Japan. Toyo Seikan will be the majority partner in the European venture with 51%.
The EU regulations to reduce CO₂ emissions by 2035 is driving demand for square cans used as packaging for lithium-ion batteries at European automakers, but due to considerations related to transportation efficiency, there are calls for battery packaging production closer to where they are needed.
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