Canoo Inc. (GOEV Quick QuoteGOEV - Free Report) has signed an agreement with Panasonic Corp. , per which the latter will supply batteries for its Lifestyle Vehicle. The vehicle is scheduled for production in the fourth quarter of 2022 and will be built by the contract manufacturer VDL Nedcar. The vehicle will aid product demand in the United States and Canada.

Canoo has developed proprietary battery system technologies that consist of a structurally integrated battery module with built-in safety features. The focus of the engineering team has been to reduce the cost per unit of energy stored while ensuring high performance, safety, reliability, durability, and adaptability with future cell technologies. Instead of enclosing and sealing battery modules, it integrates them directly into the platform structure. This optimizes cost, space and mass, which consequently improves vehicle range and safety.

The technology boasts a wide range of integrated battery-related safety features including a high-strength steel frame and innovative crash features, such as a proprietary hollow-can crumple zone to protect the battery during side collision events to better safeguard passengers and battery integrity. The unique design also enables ease of service repairs and upgrades to the battery at the module level thus creating cost efficiencies for owners.

Canoo noted that the team is dedicated in its efforts to enhance the safety and lower the cost of ownership of its battery technology. It is enthusiastic to work with Panasonic, which is a pioneer in the electric vehicle batteries domain.

Shares of Canoo have declined 26.3% over a year against the industry’s 69.6% rally.

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Canoo — which shares space with other electric vehicle makers like Tesla (TSLA Quick QuoteTSLA - Free Report) and Nikola Corporation (NKLA Quick QuoteNKLA - Free Report) — currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.