BASF Acquires Land In Canada For Battery Materials, Recycling Expansion

Author: Akanksha Bakshi | March 04, 2022 03:41pm

• BASF SE (OTC:BASFY) has secured land for its future cathode active materials and recycling site in Bécancour, Quebec, Canada. Financial terms were not disclosed.
• The company expects the investment to further enhance its CAM production footprint in North America by complementing its existing manufacturing sites.
• BASF targets project commissioning in 2025, subject to necessary approvals.
• The new site allows for ample space to expand up to 100 kt CAM per year with the potential for fully integrated precursor cathode active materials (PCAM) supply. 
• The company held cash and cash equivalents of €2.62 billion as of December 31, 2021.
• Price Action: BASFY shares are trading lower by 7.36% at $14.09 on the last check Friday.

Posted In: BASFY BFFAF