Significant Events

Following approval of the relevant antitrust authorities, BASF and Shanshan announced the formation of the BASF Shanshan Battery Materials Co., Ltd. joint venture on August 31, 2021. A corresponding agreement between the two partners was signed in May 2021. The newly formed entity is majority-owned by BASF (BASF 51%; ­Shanshan 49%). It has four sites in Hunan and Ningxia, China, with more than 1,600 employees. BASF Shanshan Battery Materials Co., Ltd. will focus primarily on the rapidly growing electric vehicle (EV) market while serving global consumer electronic and energy storage segments.

Following approval of the relevant authorities, BASF completed the purchase of 49.5% of Vattenfall’s Hollandse Kust Zuid wind farm on September 1, 2021, which had been announced in June of this year. The purchase price amounts to €0.3 billion. Including BASF’s contribution to fund wind farm construction, BASF’s financial commitment totals around €1.6 billion. BASF intends to reduce its investment by selling shares to a financial co-investor. Wind farm construction began in July 2021. The offshore wind farm does not receive any subsidies for the power produced and is expected to become fully operational in 2023. It will then be the largest offshore wind farm in the world with a total installed capacity of 1.5 gigawatt.