# Who does Panasonic Energy pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/panasonic-energy · Facet: suppliers · Updated: 2026-07-12T04:15:03.162+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Panasonic Energy's confirmed suppliers/cost counterparties include Sumitomo Metal Mining, LG화학 (양극재), BTR New Material plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 7 cost edges, backed by 11 dated sources, 2 of them primary filings (as of 2026-07-12).

### Sumitomo Metal Mining (high)  → /sumitomo-metal-mining.md
- metric: capacity 60,000 tonnes · →120k(2028)→180k(2031) · NCA cathode capacity expansion
- note: Key NCA cathode supplier and global NCA leader; Panasonic is its largest customer and most material goes into Tesla cells. Expanding Niihama from 60kt to 120kt (2028) to 180kt (2031).
- [confirms] MINING.COM (EN, news, published 2022-11-17) https://www.mining.com/web/sumitomo-metal-aims-to-boost-battery-materials-output/: "supplies the nickel-cobalt-aluminum (NCA) cathode materials for the Panasonic lithium-ion batteries used in Tesla EVs"
- [confirms] Toyo Keizai (JA, news, published 2022-06-01) https://toyokeizai.net/articles/-/575838: "Panasonic is Sumitomo Metal Mining's largest battery-material customer; it supplies most of the material for Panasonic's Tesla cells"

### H&T Recharge (high)
- metric: Investment $110M · 2024~ · H&T De Soto investment (4 can lines)
- note: 2024 long-term agreement with H&T for cylindrical battery cans at the Kansas plant; H&T invests $110M in De Soto with four automated can lines.
- [confirms] Kansas Department of Commerce (EN, news, published 2024-03-01) https://www.kansascommerce.gov/2024/03/governor-kelly-announces-ht-recharge-investing-110m-creating-180-jobs-as-new-panasonic-supplier/: "H&T Recharge Investing $110M, Creating 180 Jobs as New Panasonic Supplier"
- [confirms] Panasonic (EN, ir, published 2024-02-27) https://news.panasonic.com/global/press/en240227-2: "Supply of Lithium-ion EV Battery Cylindrical Cans"

### Nouveau Monde Graphite (high)
- note: Signed an anode active material (graphite) offtake MOU with Canada's NMG in 2022, part of North American localization.
- [confirms] Panasonic (EN, ir, published 2022-10-20) https://news.panasonic.com/global/press/en221020-5: "Procurement of Anode Active Materials for EV Lithium-Ion Batteries"

### LG화학 (양극재) (mid)  → /lg-chem.md
- metric: contract ₩3.8T · 양극재 매입
- note: ₩3.76T US-bound EV cathode supply contract (Nov 2025–Jul 2029); counterparty withheld in filing, identified as Panasonic by media.
- [confirms] The Korea Economic Daily (KED Global) (EN, news, published 2025-11-14) https://www.kedglobal.com/batteries/newsView/ked202511140002: "Sources identified Panasonic as the buyer in LG Chem's ₩3.76T US cathode contract."
- [confirms] THE ELEC (KO, news, published 2025-11-14) https://www.thelec.kr/news/articleView.html?idxno=43845: "Panasonic makes Tesla cells with LG Chem cathodes."
- [confirms] DART (FSS) (KO, filing, published 2025-11-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20251113800665: "Long-term EV cathode supply contract; ₩3,761,948,654,400; region United States; 2025-11-15 to 2029-07-31; counterparty withheld."

### Frontier Lithium / ioneer (mid)
- metric: volume 4,000 tonnes/yr · 5년 · ioneer-PPES lithium carbonate offtake
- note: 2026 MOU with Mitsubishi Corp and Frontier Lithium (lithium-hydroxide offtake talks). The Toyota-Panasonic JV (PPES) holds a 4,000 tpa, 5-yr lithium carbonate offtake with ioneer.
- [confirms] Newswire (EN, ir, published 2026-03-01) https://www.newswire.ca/news-releases/frontier-lithium-signs-memorandum-of-understanding-with-panasonic-energy-to-advance-north-american-battery-supply-chain-820790338.html: "Panasonic Energy expressed interest in procuring lithium hydroxide from the PAK Lithium Project"

### BTR New Material (mid)  → /btr-new-material.md
- note: Panasonic Energy sources anode material from BTR New Material, the world's top anode maker.
- [confirms] BTR New Material (EN, ir, published 2024-08-07) https://www.btrchina.com/en/News/info.aspx?itemid=1243: "BTR states it supplies anode materials to major lithium-ion battery makers including Panasonic."

### Yunnan Energy (Enjie) (mid)  → /yunnan-energy.md
- note: Panasonic is an overseas battery customer that sources Enjie's wet-process separators.
- [confirms] Yunnan Energy New Material FY2024 Annual Report (English) (EN, filing, published 2025-06-10) https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf: "States the Company has entered the supply chains of overseas lithium-battery giants including Panasonic."

Reverse side: https://valuechain.wiki/panasonic-energy/customers.md · Ripple: https://valuechain.wiki/panasonic-energy/ripple.md

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