Without disclosing financial details, the companies said the partnership between BASF and Swolt focuses on the development of cathode active materials as well as the supply of raw materials and recycling of battery cells from sVolt.
see photosBASF and Chinese battery maker Svolt partnered to develop battery materials
German chemical giant BASF and Chinese battery maker Svolt have formed a partnership to develop battery materials, the companies said in a joint statement on Monday. The companies, without disclosing financial details, said the partnership focuses on the development of cathode active materials as well as the supply of raw materials and recycling of battery cells from Svolt.
SVolt is the latest company in China that BASF engages in its quest to expand into the battery market. The German company recently agreed to work with battery manufacturer CATL and formed a joint venture with supplier Shanshan for battery materials.
SVolt is the latest China company that BASF engages in its quest to expand into the battery market
BASF had said that its battery materials business is expected to generate sales of more than 1.5 billion euros ($1.76 billion) by 2023 and more than 7 billion euros by 2030 as electric vehicle production increases.
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