In view of the trend toward electric vehicles, the chemical group BASF is building a new production facility for battery materials. The DAX-listed company is building a plant in Harjavalta, Finland, adjacent to the refinery of the Russian mining group Nornickel. BASF and Nornickel have signed a long-term supply contract for nickel and cobalt, the companies jointly announced on Monday.
Production at the BASF plant is to start at the end of 2020 and will supply around 300,000 electric vehicles with battery materials. The investment is part of a multi-stage plan announced last year worth 400 million euros. BASF's investment in Harjavalta will support the growing electric vehicles market, explained Kenneth Lane, president of BASF’s environmental and process catalysts division. The chemicals giant is also reviewing other sites in Europe for battery materials production facilities.
Carmakers are BASF's main source of sales. The Ludwigshafen-based company supplies the industry with engine oil additives, coolants and plastics. Every year, the chemicals group generates sales of around 11 billion euros from its business with the automotive industry.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.