This photo, taken Nov. 15, 2023, and provided by SK On Co., shows the company’s President and CEO Jee Dong-seob (L) shaking hands with Peter Schuhmacher, president of BASF’s catalysts division, after the two companies agreed on a partnership for business opportunities in the global lithium-ion battery market at SK Group headquarters in Seoul. (Yonhap)
SEOUL, Nov. 15 (Korea Bizwire) – South Korean battery maker SK On Co. said Wednesday it has partnered with German battery materials firm BASF SE to explore possible business opportunities in the global lithium-ion battery markets.
SK On and BASF reached an agreement to collaborate in exploring business opportunities in cathode active materials (CAM) production, particularly in North American and Asia-Pacific markets, and also to pursue opportunities in battery recycling, the companies said in a joint statement.
CAM is high-quality nickel cobalt manganese (NCM) for rechargeable batteries that are targeting greater performance levels and an improved electric vehicle (EV) driving range compared to existing products.
SK On President and Chief Executive Jee Dong-seob said the collaboration with BASF is part of its efforts to bolster battery materials supply chains.
“We look forward to expanding our partnership with BASF to lead the global EV battery market,” Jee said.
Peter Schuhmacher, president of BASF’s catalysts division, said the company, through the partnership with SK On, seeks to further strengthen its market position to serve battery manufacturers and EV producers around the world.
SK On, the battery unit of Korea’s refinery-to-semiconductor conglomerate SK Group, currently operates one domestic plant and seven overseas plants — two in Hungary, two in the United States and three in China.
It is adding one plant in Hungary and one in China both in 2024, and four more plants with its partners in the U.S. after 2025.
(Yonhap)
