SK On and BASF entered into an agreement to evaluate collaboration opportunities in the global lithium-ion battery market

BASF, a globally battery materials producer, and SK On, a electric vehicle battery cell manufacturer, have entered into an agreement to jointly evaluate collaboration opportunities in the global lithium-ion battery market focused on North America and Asia-Pacific. The collaboration brings together strong business and product development capabilities to develop battery materials for lithium-ion batteries.

BASF and SK On’s initial focus will be evaluating collaboration options for cathode active materials (CAM) production. Further details on the collaboration will be revealed at a later stage.

Additional collaboration opportunities along the battery materials value chain will be evaluated subsequently, including battery recycling. By leveraging their respective expertise, BASF and SK On aim to develop innovative solutions to support their strong growth ambitions.

Sustainability plays a key role for both companies in line with the principles of the “Value Balancing Alliance,” which is working on a global standard for measuring a company’s social, economic, and environmental contribution and translating environmental and social impacts into comparable financial data.

“With the collaboration with SK On, we are further strengthening our market position to serve battery manufacturers and electric vehicle producers around the world.” said Dr. Peter Schuhmacher, President of BASF’s Catalysts division, who is also responsible for the company’s battery materials and battery recycling business. “We want to address the need for more sustainable solutions for the electric vehicle industry. And we are ready to work with our customers and partners in all regions to make this a reality.”

“The collaboration with BASF is part of our efforts to bolster the battery materials supply chain,” said Jee Dong-seob, President and Chief Executive Officer of SK On. “We look forward to expanding our partnership to lead the global EV battery market.”