IBU-tec Advanced Materials’ shares soared after announcing a partnership with Lanxess for the development of battery technology for electric vehicles. The German cathode producer saw a 14% increase, reaching a value of €16.08, with a peak value of €16.26.
German chemical company Lanxess announced on Tuesday that it is partnering with IBU-tec to develop iron oxides for lithium iron phosphate (LFP) batteries. Both companies aim to create more efficient, durable, and faster-charging batteries used in electric vehicles. The partnership also aims to help localize supplies for the electric vehicle and battery industries in Europe, increasing energy independence from Chinese imports.
“Through the joint development of this product, we will combine our knowledge and lead the development of the European LFP battery market, as well as create an independent value chain,” said Joerg Leinenbach, CEO of IBU-tec. Lanxess stated that an increasing number of car manufacturers are turning to LFP batteries, especially for mass-market models, due to the financial benefits and reduced fire risk.
“As the only European manufacturer of LFP cathode materials, IBU-tec is the perfect partner to develop a new material, which is a key component in electric vehicle and energy storage batteries,” said Michael Ertl, Head of Inorganic Pigments at Lanxess. “This is an important contribution to sustainable development and the creation of a European value chain in battery materials.”
The partnership between IBU-tec Advanced Materials and Lanxess has the potential to accelerate the development of electric vehicle battery technology in Europe and increase independence from foreign suppliers. The development of more efficient LFP batteries is a step towards sustainable development and localizing production in Europe.
FAQ:
1. What are the benefits of the partnership between IBU-tec Advanced Materials and Lanxess?
The partnership aims to develop iron oxides for lithium iron phosphate (LFP) batteries that are more efficient, durable, and faster-charging. It also aims to help localize supplies for the electric vehicle and battery industries in Europe, increasing energy independence from Chinese imports.
2. Who is IBU-tec Advanced Materials?
IBU-tec Advanced Materials is a manufacturer of LFP cathode materials, which are a key component in electric vehicle batteries.
3. Who is Lanxess?
Lanxess is a German chemical company that is partnering with IBU-tec to develop iron oxides for LFP batteries.
4. Why are more car manufacturers turning to LFP batteries?
LFP batteries are becoming increasingly popular due to their financial benefits and reduced fire risk.
5. How does the partnership between IBU-tec Advanced Materials and Lanxess accelerate the development of electric vehicle battery technology in Europe?
The partnership aims to create more efficient LFP batteries, which contributes to sustainable development and localizing production in Europe.
Definitions:
– Lithium Iron Phosphate (LFP) Batteries: A type of battery used in electric vehicles that are more efficient and durable than other battery types.
Related Links:
– lanxess.com (Lanxess company homepage)
– ibu-tec.de (IBU-tec Advanced Materials company homepage)
The source of the article is from the blog myshopsguide.com