SEOUL – SK On Co., a South Korean battery manufacturer, announced on Wednesday a partnership with Germany’s BASF SE. This collaboration aims to explore opportunities in the global lithium-ion battery market.
According to Yonhap News Agency, SK On and BASF will work together in cathode active materials (CAM) production, focusing on North American and Asia-Pacific markets. Additionally, the partnership will extend to battery recycling efforts. CAM, a high-quality nickel cobalt manganese used in rechargeable batteries, is designed to enhance performance and extend the driving range of electric vehicles (EVs) compared to current offerings.
Jee Dong-seob, President and Chief Executive of SK On, emphasized the collaboration as a strategic move to strengthen the battery materials supply chain and lead the global EV battery market. Peter Schuhmacher, President of BASF’s catalysts division, expressed his company’s ambition to bolster its market position to cater to battery manufacturers and EV producers worldwide through this partnership.
SK On, part of Korea’s SK Group, operates numerous plants globally, including in Hungary, the United States, and China. The company plans further expansion with new plants in Hungary and China by 2024, and additional facilities in the U.S. post-2025 in collaboration with partners.