BASF opts Canada to expand supplies for the thriving EV battery market

BASF SE, a German multinational chemical company, has reportedly secured land for a premeditated battery materials facility in Canada. The country's industry minister said that it would be the first pillar of the country's initiative for ensuring the future of the electric vehicle manufacturing sector.
As per the German company, the Becancour, Quebec, facility will create and recycle active cathode materials (CAM), starting in 2025, for serving electromobility markets in Canada, the United States and Mexico.
Cathodes are the most intricate and expensive chemical component of an electric vehicle battery. As per sources, Canada's government has been talking with BASF since last May about utilizing a federal cleantech fund to set up production here. Although, the financial terms of the deals were not disclosed yet.
Francois-Philippe Champagne, Canada's Industry Minister, confirmed that the government planned on supporting BASF's considerable investment without providing any details.
Champagne said that they see BASF as the first vertical batter ecosystem in Canada. It is undoubtedly a considerable investment, both for the firm and the federal government.
He further said that the investment of BASFs in Canada's electric vehicle battery environment is the first in line adding that the long-term goal is to make Becancour a center, connecting Quebec to the core of Canada's automotive industry in Ontario.
Last September, BASF projected its battery materials revenue would surpass 1.5 billion euros ($1.64 billion) by 2023 and more than 7 billion euros by 2030 as the production of electric vehicles increases.
Geographically, Ontario is closer to U.S. automakers in Ohio and Michigan, and General Motors Co, Stellantis NV and Motor Co have announced their plans to make electric vehicles at factories in Ontario.
Both Ontario and Quebec will be linked to the automotive sector of the future, he said. The country is building around Becancour kind of the entire ecosystem of the perilous minerals one need for producing a battery; that is what it will offer, said Champagne.
Source Credit - https://www.carandbike.com/news/basf-picks-canada-to-expand-supplies-for-booming-ev-battery-market-2806788