BASF invests $50m in US battery firm Sion Power

12 January 2012 14:37  [Source: ICIS news]

HOUSTON (ICIS)--BASF has invested $50m (€39.5m) to acquire an equity stake in Sion Power, an Arizona-based firm focused on the development of lithium-sulphur (Li-S) batteries, the German chemicals major said on Thursday.

The investment builds on BASF’s existing collaboration with privately-held Sion Power, from 2009, to accelerate the commercialisation of Sion’s Li-S battery technology for electric and plug-in electric vehicles.

On 1 January, BASF launched a new global business unit, Battery Materials, to integrate its battery materials-related business within a single operating unit managed by its catalysts division in Iselin, New Jersey.

BASF added that it expects to start up an advanced cathode materials manufacturing plant in Elyria, Ohio, later this year.  

($1 = €0.79)

For more on BASF and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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