^{Joint News Release}

BASF and TODA to further expand their Japanese joint venture’s capacity for high nickel cathode active materials

• Expansion to increase the supply of high nickel cathode active materials for up to 45 GWh cell capacity per year
• Investment targets to meet growing market demand and strengthen the local supply chain in Japan
• New capacity will start operation in second half of 2024

Ludwigshafen/Germany and Tokyo/Japan – BASF and TODA KOGYO CORP. (TODA) announced that they will further expand the production capacity of BASF TODA Battery Materials LLC (BTBM) at the Onoda site in Japan.

BTBM is a BASF majority-owned joint venture with TODA formed in 2015 (BASF 66%; TODA 34%). Construction for the new capacity at the Onoda site will start in Q4 2022 and commercial production is planned for the second half of 2024. BTBM’s annual capacity for high nickel cathode active materials (CAM) will achieve up to 60,000 tons by 2025.

“BTBM today is a leader for high nickel CAM materials of superior quality and plays an important role in BASF’s global production network for battery materials,” said Dr. Peter Schuhmacher, President, Catalysts division at BASF. “This investment at the Onoda site, already one of the world’s largest calcination facilities for CAM, will support our customers’ ambitious growth plans in Japan and worldwide. We will introduce an innovative and proprietary new production process allowing highest throughput rate combined with consistent highest quality.”

Shigeru Takaragi, President of TODA KOGYO CORP., added, “With the further expansion of the Onoda site, we are supporting the Japanese government’s goal of strengthening the local supply chain. Together with BASF, we are combining and mobilizing resources to take full advantage of our synergies to respond to the fast-growing demand for lithium-ion batteries.”

“BTBM combines manufacturing and technology expertise of BASF and Toda. Both partners are working closely together combining know-how and resources to support BTBM’s growth.” said Dr. Michael Baier, Senior Vice President of BASF Battery Materials. “BTBM also benefits from its close cooperation with innovative Japanese engineering companies and equipment suppliers.”

The new expansion project has been selected by the Ministry of Economy, Trade and Industry as a “Program for Promoting Investment in Japan to Strengthen Supply Chains” and has been granted subsidies.

Media contacts:

BASF                                                     TODA

Sophie Lyu                                             Koji Miyahara

Trade Media Relations                           Public Relations Group, Corporate Planning Department

BASF Corporation                                 TODA KOGYO CORP.

Phone: +86 21 2032 3252                     Phone: +81 82 577 0055

E-mail: sophie.lyu@basf.com            E-mail: webmaster@todakogyo.co.jp

About BASF’s Catalysts Division

BASF’s Catalysts division is the world’s leading supplier of environmental and process catalysts. The group offers exceptional expertise in the development of technologies that protect the air we breathe, produce the fuels that power our world, and ensure efficient production of a wide variety of chemicals, plastics and other products, including advanced battery materials. By leveraging our industry-leading R&D platforms, passion for innovation and deep knowledge of precious and base metals, BASF’s Catalysts division develops unique, proprietary solutions that drive customer success. Further information on BASF’s Catalysts division is available on the Internet at www.catalysts.basf.com.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. Around 111,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €78.6 billion in 2021. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

About TODA KOGYO CORP

TODA KOGYO CORP. is specialized in the Wet Synthesis Technology of metal oxide, and manufacturing coloring materials including pigments and toners, magnetic powder materials, ferrite materials and other various magnetic materials. We aim to expand our business globally along with our fundamental line to provide solutions to support society in the aspects of information, environment and energy. TODA KOGYO CORP. had consolidated net sales of about 35.3 billion JPY in the fiscal year 2021, as well as about 1,303 employees at the end of 2021. More information on TODA KOGYO CORP. is available at www.todakogyo.co.jp.

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