BASF acquires US battery component producer
BASF has acquired Novolyte Technologies, a US based manufacturer of electrolyte formulations for lithium-ion batteries and specialty chemicals, from Arsenal Capital Partners.
The acquisition includes Novolyte's energy storage activities focused on developing, producing and marketing performance electrolyte formulations for lithium-ion batteries.
The German based chemical company has acquired Novolyte's performance materials business which includes aryl phosphines, high-performance solvents and custom-made specialties.
BASF has also acquired ten Novolyte-owned patent families in the fields of electrolyte formulation and performance chemicals.
BASF research executive director Andreas Kreimeyer said that with the acquisition, the company is now positioned as a global supplier of lithium battery electrolytes with production sites in Europe, the US and the Asia Pacific region.
"The acquisition also complements our current offering of amines, diols, organic acids, polyalcohols and specialties, and strengthens our footprint in the North American market," Kreimeyer added.
As part of the acquisition, BASF will also continue a joint venture of Novolyte with Korea's Foosung Company.
The financial details of the transaction have not been disclosed.
BASF global battery materials business senior vice president Ralf Meixner said the acquisition of Novolyte Technologies further positions BASF to achieve its long-term objective of becoming the leading provider of functional materials and components, to serve cell and battery manufacturers worldwide.
"This is the latest in a series of strategic steps we have taken to strengthen our technology position, while building a broad portfolio of battery materials technologies that will help us drive the future of electromobility," Meixner added.
Novolyte employs 167 people and operates production sites in the US and China.
Arsenal Capital Partners is a US based private equity firm, while Foosung is a producer of specialty salt lithium hexafluorophosphate (LiPF6), used to produce lithium-ion battery electrolytes.