On January 7, 2010, Tesla and battery cell maker Panasonic announced that they would together develop nickel-based lithium-ion battery cells for electric vehicles. Naoto Noguchi, President of Panasonic's Energy Company, said that the Japanese firm's cells would be used for Tesla's "current and next-generation EV battery pack."[101] The partnership was part of Panasonic's $1 billion investment over three years in facilities for lithium-ion cell research, development and production .