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BETHEL, Conn., and NEW YORK — Procter & Gamble's Duracell brand announced a joint venture with wireless charger company Powermat.
As part of the strategic alliance between Duracell and Powermat, the companies will deliver best-in-class wireless power solutions. Additionally, P&G also expects to make an equity investment in Powermat.
The joint venture is expected to commence next year, the companies said.
"Several decades ago, Duracell was a pioneer in a new revolutionary product category, alkaline roundcell batteries," Duracell president Stassi Anastassov said. "Today, it is a multibillion dollar category. In a not too distant future, we expect wireless power solutions to eliminate the hassle of multiple cords and chargers, creating a major growth opportunity. Innovation to create new solutions that touch and improve people's lives is what P&G-Duracell are all about. The JV between Duracell and Powermat puts us in the driver-seat for this disruptive category creation."