Sion Power Corp. announced that BASF invested $50 million to acquire an equity ownership position in the company. This equity partnership expands upon an existing joint development agreement that BASF Future Business GmbH established with Sion Power in 2009 to accelerate the commercialization of Sion’s proprietary Li-S battery technology for electric and plug-in electric vehicles and other high-energy applications over the next decade.
Sion Power’s Chairman, Dr. Leo Guthart, stated, “Sion Power is the recognized global leader in lithium sulfur battery technology. We are very pleased that BASF has recognized the high caliber of our research efforts and the dominance of our patent estate and has elected to become our partner and co-developer. Our work has now progressed to a strong partnership and shared vision aimed directly at working together to enable electromobility.”