23 November 2011 14:42 [Source: ICIS news]
LONDON (ICIS)--BASF is creating a new global business unit to advance its battery activities for electric vehicles, the German chemicals firm said on Wednesday.
Battery Materials will integrate the existing battery activities of BASF’s Catalysts division, its Intermediates division and Future Business GmbH, which is focused on next-generation lithium battery opportunities.
“The creation of the global operating unit Battery Materials will allow us to take a more integrated, solutions-oriented approach to serving battery manufacturers, leveraging our resources and expertise in a unified and focused manner,” said board member Andreas Kreimeyer.
Consolidation of the new business, to be formed on 1 January, will take place throughout the first half of 2012.
The company will invest a "three-digit, million euro" amount over the next five years for the research, development and production of battery materials, BASF said, in recognition of the significant growth opportunity in the global battery marketplace.
BASF’s research activities are helping to make electric cars affordable, environmentally friendly and sustainable, it said.
“For this we need batteries and further innovative components that provide a greater driving range with less weight and lower costs,” added Kreimeyer.
For more on BASF visit ICIS company intelligence
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