BASF invest €100 million in battery development

BASF to invest €100 million in battery development

6:34 AM, 17th July 2012
BASF to invest €100 million in battery development

LUDWIGSHAFEN, GERMANY: BASF aims to invest more than €100 million ($122 million) in the development and distribution of battery materials, a market dominated by Asian manufacturers. The German company aims to be among the top three global providers of materials for producing batteries and cells by 2020.

“The company is staggering the investment over six years through 2016. Japanese companies are at the forefront of battery material production but their market is fragmented. In Japan, we expect a consolidation of companies as mid-sized firms will disappear,” said Ralf Meixner, Senior Vice President, Battery Materials, BASF.

© Bloomberg News

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