ISELIN, N.J. (Jan. 12, 1:45 p.m. ET) — BASF SE on Jan. 12 announced that it has invested $50 million to buy an equity stake in Sion Power, a Tucson, Ariz.-based developer of lithium-sulfur (Li-S) batteries.
The deal expands on the companies' previous relationship — BASF Future Business GmbH had signed a joint development agreement with Sion Power in 2009 to help commercialize the company's Li-S battery technology in electric and plug-in electric vehicles and in other high-energy applications.
“The progress of the technical collaboration between Sion Power and BASF for more than two years now has led BASF to take a significant financial stake in Sion,” said Sion Power CEO Dennis R. Mangino, in a news release. “We are proud to announce this expanded partnership and look forward to realizing the benefits of our synergistic relationship.”
BASF officials said the deal complements the company's own activities in electrolyte formulations and lithium-ion cathode materials development, including its start-up of an advanced cathode materials manufacturing plant in Elyria, Ohio, later this year.