Panasonic of North America has increased its ownership stake in Coronal Group, leading to the formation of a new business entity known as Coronal Energy Powered By Panasonic. Coronal is a global company that supplies long term photovoltaic power solutions to industry and commercial customers.

“At a time when the solar industry is maturing and consolidating, smaller players are facing an uncertain future, and some larger players have declared bankruptcy, Panasonic is making a statement that it’s committed to the future of solar energy in North America for the long term,” said Jamie Evans, managing director of the Panasonic Energy Solutions Group.

“In close alignment with Coronal, we believe the future of solar in this country is very bright, and we’re excited to strengthen our leading role in making that happen.” Earlier this year, Forbes named Panasonic — a Fortune Global 500 company — to its list of “World’s Most Valuable Brands.”

“In today’s energy landscape, not all solar is created equal. We firmly believe Coronal Energy Powered by Panasonic offers a smarter way to pursue solar, and for our customers that translates into smarter business,” said Jonathan Jaffrey, chairman and CEO of Coronal Energy. “Coronal Energy completes our platform and the integration of our services creating a unified vision, commitment, and cross-organizational team that leverages the best of both companies for the benefit of our customers. As a unified entity, our customers can rely on Coronal Energy as a trusted source for all their renewable energy project needs.”

Coronal Energy Powered by Panasonic focuses on renewable energy solutions — including solar photovoltaic and battery energy storage — for diverse enterprise customers across North America, including utilities, corporations, the public sector, educational institutions, and other organizations.

Panasonic is also a major partner in the Tesla Gigafactory, which is manufacturing grid storage battery packs for the utility industry, including the ones that will become part of the largest grid storage facility in the world in southern California. That installation will be constructed and online in less than three months, which demonstrates the flexibility of grid storage solutions.

Batteries, whether for electric cars or electrical storage on the grid, will play a critical role in the world’s transition from fossil fuels to clean renewable power. By increasing its ownership position in Coronal, Panasonic is indicating its intention to be at the forefront of the industry for the long term.