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BASF invest in equity ownership position in Sion Power

January 13/2012

(basf) --  BASF has invested USD 50 million to acquire an equity ownership position in privately held Sion Power, the global leader in the development of lithium-sulfur (Li-S) batteries, based in Tucson, Arizona. 
 

This equity partnership expands upon an existing joint development agreement that BASF Future Business GmbH established with Sion Power in 2009 to accelerate the commercialization of Sions proprietary Li-S battery technology for electric and plug-in electric vehicles and other high-energy applications over the next decade.
 


The agreement with Sion Power provides a long-term complement to BASFs current activities in the areas of electrolyte formulations and lithium-ion cathode materials development, including its start-up of an advanced cathode materials manufacturing plant in Elyria, Ohio, later this year.  These initiatives are being managed under BASFs new global business unit Battery Materials, which was launched on January 1, 2012, to integrate the companys current and future battery materials-related activities within a single operating unit managed by its Catalysts division, based in Iselin, New Jersey.

BASF had previously announced its intention to invest a three-digit million euro sum in researching, developing and producing advanced battery materials through 2016. The company is also exploring next-generation battery materials concepts, including the lithium-sulfur technologies now in early stage development with Sion Power.


mrcplast.com
Author:Anna Larionova
Tags:BASF.
Category:General News
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