BASF, Arsenal and Foosung announced BASF’s acquisition of Novolyte Technologies, a manufacturer of electrolyte formulations for lithium-ion batteries, as well as specialty chemicals for several key market segments. BASF purchases Novolyte from Arsenal, a private equity firm. The companies have agreed not to disclose financial details of the transaction.
The acquisition comprises Novolyte’s Energy Storage activities as well as Novolyte’s performance materials business in which the company is among the leading manufacturers of specialty chemicals in North America and includes 10 patent families in the fields of electrolyte formulation and performance chemicals.
BASF will continue a joint venture with Foosung, a global producer of the high-purity specialty salt Lithium Hexafluorophosphate, a key material for manufacturing lithium-ion battery electrolytes.
With 167 employees, Novolyte operates production sites in Baton Rouge, Louisiana, USA, and in Suzhou, China. An additional site for LiPF6 production is currently under construction in Nantong, China, to be operated by the Foosung/BASF joint venture. Both Chinese sites are located in the greater Shanghai area.
- BASF SE, Ludwigshafen, Germany
- Arsenal Capital Partners, New York, USA
- Foosung Co., Ltd., Korea
- Novolyte Technologies Inc., Cleveland, Ohio, USA