BASF To Strengthen Electromobility Participation With Ovonic Purchase

German chemical company BASF has acquired Ovonic Battery Company, formerly a wholly owned subsidiary of US-based Energy Conversion Devices, as part of the company's broader strategy of tapping into the fast-emerging market for batteries, as interest in electromobility gathers pace. An immediate benefit to BASF from the acquisition is that it will gain a leadership position in nickel-metal hydride (NiMH) battery technology and access to Ovonic's existing connections with major battery manufacturers globally.

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