BASF and Nornickel begins strategic cooperation in electric vehicle battery venture
The Germany-based chemical company, BASF, and Russian mining firm, Norilsk Nickel (Nornickel), have begun a strategic cooperation to help deal with an increased interest in batteries to power electric vehicles, Reuters reports.
It has been revealed that as part of the deal, BASF will develop a plant to create battery materials in Harjavalta, Finland, which is across from a nickel and cobalt refinery owned by Nornickel.
The move will see the two companies agree a long-term supply arrangement for nickel and cobalt feedstocks.
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Kenneth Lane, president of BASF’s Catalysts division, said: “With the investment in Harjavalta, BASF will be present in all major regions with local production and increased customer proximity further supporting the rapidly growing electric vehicle market.”
“Combined with our Nornickel cooperation, we are creating a strong platform that connects the efforts between industry leaders in raw material supply and battery materials technology and production.”
BASF expect to spend up to $462mn in building production plants for cathode materials in Europe.
It is anticipated that the plant will supply batteries for approximately 300,000 electric vehicles a year and is planned for the end of 2020.