BASF plans to introduce a new formula for electric vehicle batteries to reduce its dependence on nickel, which is more expensive. After adjusting the formula, the new vehicle battery will increase the cruising range of the electric vehicle and improve the performance of the vehicle.
At present, BASF and other mainstream companies in the field of electric vehicle manufacturing are working to reduce the cobalt content. However, it is reported that such companies are also working on new battery formulas, reducing dependence on high-priced metals such as cobalt and nickel, and switching to manganese metals with larger reserves and more affordable prices. BASF's ultimate goal is to develop a new battery that will reduce the use of cobalt to 5% or less.
According to Reuters, by 2021, BASF will design new battery cathodes, with nickel and manganese metals accounting for 20% and 70%, respectively. It is estimated that the adjustment of the battery formula will help reduce the energy storage cost of the battery, from the current $ 50 / kWh to $ 40 / kWh.
At present, nickel metal is mainly used as an alloy, and its cost is about one fifth of the price of cobalt metal. However, according to BASF estimates, the price will increase as more and more car companies begin to transition from traditional models to new hybrid, electric and zero-emission vehicles.
According to BASF, demand for high-grade nickel will increase from 25 thousand tons in 2016 to 318,000 tons by 2025. High nickel is mainly used to make cathodes for on-board batteries for electric vehicles.
BASF will also establish a battery cathode production plant in Finland and evaluate several European sites for subsequent investments.