BASF Exploring Opportunities with SK On to Develop Li-ion Batteries

BASF, a German chemical company, has reached a deal with SK On, a South Korean electric vehicle battery cell manufacturer, to explore potential collaboration in the development of lithium-ion batteries, with a specific emphasis on North America and Asia. On Nov 15, both companies released a joint statement announcing their plans to first focus on the production of cathode materials, a sector that has seen significant global investment from BASF. They also mentioned that potential areas of collaboration in the future could involve battery recycling.

By 2030, BASF anticipates that sales from cathode materials, the most intricate and costly chemical component of a car battery, as well as battery recycling, will surpass 7 billion euros ($7.6 billion). It has been stated that the global market for automotive battery materials is expected to grow by about 22 percent annually.

BASF SE is a European multinational company and the largest chemical producer in the world. Its headquarters are located in Ludwigshafen, Germany.

SK Group is the second largest South Korean chaebol behind Samsung Group. SK Group is composed of 186 subsidiaries and affiliates that share the SK brand name and the group's management culture, named SKMS. It changed its name from Sunkyong Group to SK Group in 1998. The group is controlled by the estate of Chey Tae-won through a holding company, SK Inc. The cornerstone of SK Group is its energy and chemicals division.