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BASF SE

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Delayed Xetra  -  11:38 2022-06-27 am EDT
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German-funded consortium to develop 'battery passport' for Europe

04/25/2022 | 06:13am EDT
FILE PHOTO: A logo is seen on the facade of the BASF plant in Schweizerhalle

BERLIN (Reuters) - A German-funded consortium of carmakers and battery producers, including BMW, Umicore and BASF, is to develop a "battery passport" that traces the content and carbon footprint of batteries in Europe, Germany's economy ministry said on Monday.

The consortium of 11 partners has received 8.2 million euros ($8.78 million) of government funding to develop a common classification and standards for gathering and disclosing data on the batteries, which could soon become mandatory under European Union regulations.

A European Commission proposal due to be discussed later this year states that rechargeable electric vehicles, light transport and industrial batteries sold in Europe must disclose their carbon footprint from 2024 and comply with a CO2 emissions limit from 2027.

They must also disclose the content of recycled raw materials in those batteries from 2027, followed by requirements to use a minimum share of recycled cobalt, lithium, nickel and lead from 2030.

The German consortium is the first project in Europe to attempt to design a digital product to meet these regulations, Germany's economy ministry said.

Batteries could carry a QR code linking to an online database where EV owners, businesses or regulators could access information on the battery's composition.

This digital tool should also make it easier to recycle raw materials inside batteries, the government statement said, which would cut dependence on foreign suppliers which control the vast majority of resources, like lithium and nickel, essential for battery production.

($1 = 0.9335 euros)

(Reporting by Victoria Waldersee; Editing by Miranda Murray and Jane Merriman)

By Victoria Waldersee


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 1.41% 42.81 Delayed Quote.-31.67%
BMW AG 1.05% 75.73 Delayed Quote.-15.31%
UMICORE 3.10% 33.55 Real-time Quote.-8.98%
VOLKSWAGEN AG -0.22% 138.88 Delayed Quote.-21.58%
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Sales 2022 84 180 M 89 316 M 89 316 M
Net income 2022 4 369 M 4 635 M 4 635 M
Net Debt 2022 16 716 M 17 735 M 17 735 M
P/E ratio 2022 8,74x
Yield 2022 8,11%
Capitalization 38 610 M 40 965 M 40 965 M
EV / Sales 2022 0,66x
EV / Sales 2023 0,68x
Nbr of Employees 110 828
Free-Float 100%
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Number of Analysts 23
Last Close Price 42,81 €
Average target price 63,39 €
Spread / Average Target 48,1%
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Martin Brudermüller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
Melanie Maas-Brunner Chief Technology Officer
Alison Jane Carnwath Independent Member-Supervisory Board
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