BASF clearly had an eye on the booming hybrid and EV batteries market when it announced today the acquisition of Novolyte Technologies, based in Cleveland, Ohio.
This is another chapter in the global race to improve lithium-ion batteries.
Novolyte is a manufacturer of electrolyte formulations for lithium-ion batteries, as well as specialty chemicals for several key market segments. With 167 employees, Novolyte operates in Baton Rouge, Louisiana, and in Suzhou, China.
The acquisition includes Novolyte’s energy storage activities focused on developing, producing and marketing performance electrolyte formulations for lithium-ion batteries.
Additionally within the framework of the acquisition, BASF will continue a joint venture of Novolyte with Korean partner Foosung Co., Ltd., a global producer of the high-purity specialty salt lithium hexafluorophosphate (LiPF6), a key material for manufacturing lithium-ion battery electrolytes. These electrolytes are necessary performance components in the fast-growing market of lithium-ion batteries for automotive.
Aside from existing manufacturing sites, Novolyte has an additional site for LiPF6 production currently under construction in Nantong, China, to be operated by the Foosung/BASF joint venture. Both of its Chinese sites are located in the greater Shanghai area.
This is good news for the development of battery technology as BASF is known as a company that helps bring to market innovations.