Global chemical company BASF has made a $50 million equity investment in Sion Power Corp., an Arizona-based developer of lithium-sulfur batteries for electric and plug-in electric vehicles.
BASF Future Business GmbH formed a joint development agreement with Sion in 2009 to help commercialize the company's battery technology. This equity investment, BASF says, builds on that relationship.
‘The progress of the technical collaboration between Sion and BASF for more than two years now has led BASF to take a significant financial stake in Sion,’ says Dr. Dennis Mangino, CEO of Sion Power.
