BASF acquires stake in Sion Power $50 million

BASF acquires stake in Sion Power for $50 million

11:24 PM, 12th January 2012
BASF acquires stake in Sion Power for $50 million

NEW JERSEY, US: BASF announced that it has invested $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. The agreement with Sion Power provides a long-term complement to BASF’s 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.

“Advanced cathodes, anodes and other battery materials are key enabling technologies for battery performance. Through our investment and collaboration with Sion, we are positioned to take a leadership role in developing next-generation battery material solutions, further supporting the effort to make electric cars affordable, environmental friendly and sustainable,” said Ralf Meixner, Senior Vice President, Battery Materials, BASF.

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