ISELIN, NJ -- BASF announced it has invested $50 million to acquire an equity ownership position in privately held Sion Power, an Arizona-based developer of lithium-sulfur (Li-S) batteries.
This equity partnership expands upon an existing joint development agreement that BASF Future Business GmbH established with Sion Power in 2009. That agreement’s goal was to accelerate commercialization of Sion’s Li-S battery technology for electric vehicles and other high-energy applications over the next decade.
“Our investment in Sion Power supports our long-term objective of becoming the leading provider of functional materials and components to serve cell and battery manufacturers worldwide,” said Frank Bozich, president of BASF’s global catalysts division.
To learn more about the potential of Li-S battery technology, click here.