By Nathan Allen

BASF SE (BAS.XE) said Monday that it will partner with Norilsk Nickel Mining & Metallurgical Co. (GMKN.MZ) to produce batteries for the European market.

The German chemical group said it will build a battery-production plant in Harjavalta, Finland next to Nornickel's nickel-and-cobalt refinery.

The two companies have also signed a long-term supply agreement under which Nornickel will supply nickel and cobalt feedstocks from the refinery.

Production at the plant, which forms part of BASF's 400 million euros ($460.5 million) investment plan for the sector, should begin in late 2020, the company said.

The European Union recently voted to allow state aid for electric-battery research and pledged to fund companies that build battery factories.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

October 22, 2018 03:34 ET (07:34 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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