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BASF Targets Next-Generation Car Batteries

Chemicals giant BASF on Friday underscored its plans for developing next-generation batteries for cars and trucks, after making three acquisitions in the technology this year alone with a total value of more than $100 million.

The German company, which released 2011 earnings on Friday, has long been keen to reduce its dependence on cyclical businesses like plastics and chemicals, and has recently set it sights on developing batteries that can be used for electro-mobility for cars and trucks.

Noting the German government’s goal of getting a million electric cars on roads by 2020 from the current level of a few thousand, BASF’s Chief Executive Kurt Bock Friday said batteries will be a future field of activity “which we’re really setting on.” This year, BASF will set up a production plant for battery materials in Elyria, Ohio in the U.S.

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