Panasonic Buying Out Solar Tech and Rechargeable Battery Makers

Panasonic announced today that it will buy out two of its subsidiaries, Sanyo and Panasonic Electric Works, for $9.4 billion.

Sanyo is the largest lithium-ion rechargeable battery producer and 11th-largest solar cell producer in the world with a quickly-growing solar panel manufacturing arm according to company statements.

Panasonic Electric Works makes a wide range of electrical products including temperature, lighting and motion sensors and controls.

Last year, Panasonic acquired a 50.27% stake in Sanyo for $4.4 billion.

The pair of acquisitions should help the company best known for its Panasonic plasma TV, camera and other consumer electronics expand into energy technology.

Panasonic aims to become the “No. 1 green innovation company in the electronics industry” by 2018.