German chemical company BASF (PINK: BASFY) is expanding its presence in the lithium-ion battery technology field.
On Thursday, the company announced its acquisition of Novolyte Technologies, a maker of lithium-ion electrolyte formulations.
Though BASF would not release financial details, it revealed that it is acquiring the company from previous owner Arsenal Capital Partners.
The purchase includes Novolyte’s energy storage sector as well as the performance materials arm. Novolyte’s activities work to improve lithium-ion battery performance and efficiency.
Lithium-ion batteries are extremely popular in this era of technology, powering many electronics including cell phones and iPods. They are also often used in electric vehicles.
Under Arsenal Capital, Novolyte was engaged in a partnership with Foosung Co., Ltd., a Korean producer of LiPF6, another chemical component of lithium-ion batteries.
BASF plans to continue this partnership and build another LiFP6 production site in Nantong, China in addition to the two others that currently exist in Suzhou, China and in Baton Rouge.
Research Executive Director and Board of Executives member Dr. Andreas Kreimeyer was encouraged by the acquisition:
“With this recent acquisition, BASF is now positioned as a global supplier of lithium battery electrolytes with production sites in Europe, the United States and 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.”
BASF’s activities extend beyond just producing chemicals for lithium-ion batteries. It is engaged in research to improve battery storage and life.
The company also works with chemicals for many other industries including plastics, agriculture, and oil and gas.
Novolyte is based in Cleveland, Ohio.
BASF Continues to Invest Heavily in Lithium-Ion Batteries originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.