02 November 2010 02:47 [Source: ICIS news]
MIDLAND, Michigan (ICIS)--US Dow Chemical is organizing a new business dedicated to selling advantaged battery materials, company officials announced on Monday.
The business will start selling raw materials and associated technology in 2012 initially focusing on rechargeable lithium ion batteries for the automotive market, said Monty Bayer, global business director, Dow Ventures & Business Development, Licensing and Venture Capital at the sidelines of Dow’s Investor Day in ?xml:namespace>
Dow did not disclose the specific type of materials they will sell to battery manufacturers.
Some of the major materials used in automotive lithium ion batteries include lithium ion phosphate, lithium metal oxides, polymeric separators, anode materials such as graphites, and electrolytes, among others.
One of the direct beneficiaries of the new business is Dow Kokam, a joint venture of Dow and battery maker Kokam, which is currently building a lithium ion battery production plant in
The plant is expected to produce its first battery batch in early 2012.
Dow is also looking to invest in lithium projects in China to capitalize on the growing energy storage market potential in the region, said Pat Dawson, president of Dow Asia Pacific.
Government clean technology subsidies and environmental policies are expected to drive increasing demand for electric vehicles, he added.
Dow Chemical estimates the global energy storage industry to grow from the current $24bn (€17.28bn) to $74bn by 2020, with the largest growth opportunity in the automotive market.
($1 = €0.72)
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