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Look who's rolling into Sparks, Nevada

Oct 3 2014, 08:06 ET | By: Clark Schultz, SA News Editor


Panasonic (OTCPK:PCRFY) says it has set up a company in the U.S. to handle its lithium-ion battery production


It's not a surprise that the startup will be located in Sparks, Nevada where Tesla Motors (NASDAQ:TSLA) is setting up its gigafactory.


The Japanese electronics giant will fund Panasonic Energy Corporation of North America with $5M in capital.


Details on the total investment Panasonic plans to make in the gigafactory haven't been released.