By Joshua Stein 
 

Air Liquide SA said Friday it has signed a long-term contract with BASF SE to supply oxygen and nitrogen to one of the German chemical conglomerate's European sites.

The French industrial-gas supplier said it will invest around 40 million euros ($47.9 million) toward the construction of a new air separation unit at BASF's site in Schwarzheide, Germany.

The unit itself, which is scheduled to be operational in 2023, will produce battery materials for mobility, with a capacity to produce parts for 400,000 electric vehicles annually.

The new unit will increase the supply of oxygen and nitrogen gases to both German and Polish customers, and will also produce liquid products for the industrial merchant market, Air Liquide said.

Air Liquide currently operates a nitrogen production facility at the site, and has been there since 1995.

 

Write to Joshua Stein at joshua.stein@wsj.com

 

(END) Dow Jones Newswires

February 05, 2021 04:17 ET (09:17 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
BASF (XE:BAS)
Historical Stock Chart
From Nov 2021 to Dec 2021 Click Here for more BASF Charts.
BASF (XE:BAS)
Historical Stock Chart
From Dec 2020 to Dec 2021 Click Here for more BASF Charts.