BASF, a globally leading battery materials producer, and SK On, a globally leading 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 industry-leading battery materials for lithium-ion batteries.
Initially, BASF and SK On will focus on 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.