Germany’s BASF is taking advantage of government support for electric vehicles and deepening relationships with the likes of Daimler-Mercedes and Bosch. It is fast building a global Battery Materials business unit via more than $108 million in acquisitions just this young year.
BASF last month disclosed an investment of $50 million to take equity ownership position in Sion Power, Tucson-based “global leader in the development of lithium-sulfur” batteries.
This month it bought Ovonic Battery Company from Energy Conversion Devices (which then filed for Chapter 11) for $58 million, taking over Ovonic’s position as worldwide licensor of nickel metal hydride-NiMH battery technology. BASF hired 35 Ovonic employees, ECD said.
Last week BASF said it acquired the electrolytes business for high-performance batteries from German chemical and pharmaceutical company Merck.
“Our Battery Materials business is focused on advanced battery materials and technologies, not battery manufacturing,” Battery Materials GM Markus Hoelzle said in a release.
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