BASF Sequoia, Honeycomb Energy and Yongshan Lithium sign Tripartite Strategic Cooperation Agreement

On March 30, BASF Sequoia Battery material Co., Ltd. (BASF Shanshan), Honeycomb Energy Technology Co., Ltd. (Honeycomb Energy) and Hunan Yongshan Lithium Industry Co., Ltd. (Yongshan Lithium Industry) jointly signed the Capital increase Agreement of Hunan Yongshan Lithium Industry Co., Ltd. After the registration of the corresponding capital increase, BASF Shanshan and Honeycomb Energy each hold a 10% stake in Yongshan Lithium Industry.

Zheng Yonggang, Chairman of Sequoia Holdings Limited, Dr. Michael Baier, Senior Vice President of BASF Battery Materials and Chairman of BASF Sequoia, Yang Jie, Managing Director of BASF Sequoia, Yang Hongxin, Chairman of Honeycomb Energy, attended the signing ceremony through an online meeting.

At the same time, BASF Shanshan signed a "strategic cooperation on lithium supply" with Yongshan Lithium Industry. Yongshan Lithium Industry, located in Changsha, Hunan Province, is a high-tech enterprise specializing in high-quality lithium salts as cathode materials for lithium batteries. The signing of this strategic cooperation agreement will not only help BASF Shanshan obtain long-term supply of key raw materials for the production of cathode materials, but also promote the intensive, green and high-end development of the local advanced energy storage materials and power battery industry chain.

BASF Cunninghamia lanceolata, located in Changsha, Hunan Province, covers raw materials, cathode material precursors, positive active materials and battery recycling, and has occupied a dominant position in China's battery material market.

As a leading manufacturer of battery materials, BASF is committed to providing customers with innovative, high-performance battery materials and minimizing carbon footprint emissions. In August 2021, BASF and Shanshan Co., Ltd. jointly established a joint venture BASF Shanshan (BASF 51%, Shanshan 49%) to promote the implementation of battery materials business strategy in China, the world's largest battery material market. In October of the same year, BASF and Honeycomb Energy announced that they had reached cooperation in the development of cathode materials, raw material supply and battery recycling within the scope of their global operations to enhance the R & D strength of cathode materials and develop sustainable battery materials. consolidate the core competitiveness of both sides in the global market.

Focusing on the fast-growing field of electric vehicles, BASF continues to innovate battery material solutions, optimize every link from research and development, procurement, production and recycling, and use leading technology to achieve low-carbon production.

Since its inception, BASF Battery Materials Business Department has actively worked with value interconnected partners to work closely together to accelerate innovation and help build a sustainable global battery value chain. The strategic partnership between BASF Sequoia, Honeycomb and Yongshan Lithium will further promote business cooperation and unleash the potential for collaboration in technology expertise, R & D activities and battery recycling. with the new business cooperation model of the new energy lithium battery industry to provide customers with better service. The signing of the strategic partnership marks another milestone-BASF will work with industry partners to push electric vehicles towards a more sustainable future.