By Cameron Chai
BASF, Foosung and Arsenal Capital Partners have declared that BASF has purchased Ohio-based Novolyte Technologies, a producer of electrolyte formulations for lithium-ion batteries. BASF has acquired Novolyte Technologies from Arsenal.
The energy storage works of Novolyte focusing on development and production of electrolyte formulations for use in lithium-ion batteries are included in the acquisition. BASF acquires the performance materials business of Novolyte, wherein aryl phosphines, custom-made specialties and high-performance solvents are included in the portfolio. Novolyte’s ten patent families in the performance chemicals and electrolyte formulation fields are included in BASF’s acquisition. BASF and Foosung will continue a joint venture with Novolyte. Korea-based Foosung is manufacturer of Lithium Hexafluorophosphate (LiPF6), which is a main material used for producing lithium-ion battery electrolytes.
The production sites of Novolyte are located in Louisiana and China. The joint venture between BASF and Foosung will operate an additional LiPF6 production location, which is being constructed in China.
BASF’s Research Executive Director and Member of the Board of Executive Directors, Dr. Andreas Kreimeyer stated that the expansion of production sites in Asia Pacific, Europe and the US has positioned BASF as an international provider of lithium battery electrolytes, with this acquisition. This purchase has harmonized the product offering of polyalcohol and specialties, organic acids, diols and amines, and reinforces the company’s footprint in the North American market, according to Andreas.
Hanjoo Song, Foosung’s Chief Executive Director stated Foosung is elated to work with BASF in this growing market for battery materials. Foosung with this new joint venture can maintain its place as a high-quality producer of LiPF6 and continues to look for additional opportunities in order to support the growth of the worldwide battery market, he added.