Oil Report

Matsushita eyes $942 mln in fuel cell sales by 2015

TOKYO, July 1 (Reuters) - Panasonic maker Matsushita Electric Industrial Co Ltd 6752.T aims for 100 billion yen ($942 million) in sales from its nascent home-use fuel-cell business by 2015 as demand grows for greener energy sources.

Matsushita, which started production of fuel cells for domestic use last month in Japan, said on Tuesday it aims to sell 200,000 units of fuel-cell systems in 2015.

Fuel cells produce electricity from hydrogen using a chemical reaction and are considered environmentally friendly because the primary by-products are water and heat, which can be harnessed to make hot water.

Matsushita, which competes with Sony Corp 6758.T in flat TVs and digital cameras, plans to invest about 20 billion yen in research and development of its fuel cells by