FRANKFURT (Reuters) – BASF SE has secured land for a planned battery materials facility in the Canadian province of Quebec, part of the chemical company’s push to build a global supply network.
The German company said in a statement on Friday the facility in Becancour will produce and recycle cathode active materials, starting in 2025, to serve electromobility markets in Canada, the United States and Mexico. It did not disclose financial terms.
BASF last September predicted its battery materials revenue would reach more than 1.5 billion euros ($1.64 billion) by 2023 and more than 7 billion euros by 2030 as electric vehicle production surges.
Cathodes are the most complex and costly chemical component of an automotive battery.
Reuters reported last year that several companies including BASF were in preliminary talks about tapping a clean-tech fund by the Canadian government to set up production for electric vehicle batteries in the country.
(Reporting by Ludwig Burger in Frankfurt; Editing by Matthew Lewis and Paul Simao)
Copyright 2022 Thomson Reuters.
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