BFFAF - BASF buys site for planned battery materials facility in Canada

BASF (OTCQX:BASFY) says it signed an agreement to secure land for a cathode active materials and recycling site in Quebec, with plans to start production in 2025, as part of its commitment to support North American manufacturers in their transition to electric vehicles. Canada Industry Minister Francois-Philippe Champagne told Reuters that the government plans to support BASF's "substantial" investment, without providing details, seeing BASF as "the first pillar of the battery ecosystem in Canada." The company already produces CAM at two locations in North America, in Ohio and Michigan, including nickel cobalt aluminum oxide and nickel cobalt manganese oxide. BASF has forecast that its battery materials revenue would reach more than €1.5B by 2023 and more than €7B by 2030 as electric vehicle production surges.

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BASF buys site for planned battery materials facility in Canada