BERLIN (Reuters) - German chemical giant BASF and Chinese battery manufacturer SVolt have formed a partnership to develop battery materials, the companies said on Monday in a joint statement.
The partnership is focused on development of cathode active materials as well as raw materials supply and the recycling of battery cells from SVolt, the companies said without disclosing financial details.
SVolt is the latest company in China that BASF has attached itself to in its quest to expand into the battery market. The German company recently agreed to work with battery manufacturer CATL and formed a joint venture with supplier Shanshan for battery materials.
BASF had said its battery materials business is likely to generate more than 1.5 billion euros ($1.76 billion) in sales by 2023 and more than 7 billion euros by 2030 as electric vehicle production surges.
(Reporting by Miranda Murray; Editing by David Goodman)