LUDWIGSHAFEN (dpa-AFX) - BASF (BFA.L, BASFY.PK) and PJSC MMC Norilsk Nickel announced that they have signed a Memorandum of Understanding and entered exclusive negotiations to cooperate on the supply of raw materials for future battery materials production for lithium-ion batteries in Europe.
BASF intends to invest up to 400 million euros in a first step to build industry-leading production plants for cathode materials in Europe. Through the prospective agreement, BASF would receive the raw materials from the Nornickel metal refinery in Harjavalta, Finland. Nornickel would also provide a secure supply of nickel and cobalt feedstock from its Russian mines at market prices. Nornickel also brings significant metals refining and trading experience to the cooperation.
The strategic cooperation will leverage both companies' market positions and expertise to provide an optimized and secure supply chain for electric vehicle battery cell producers in Europe.
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