the tank collects battery acid and gases that escapes thru the vent hose, on a vented battery. A vented battery is not needed but being that the trunk is enclosed, to prevent buildup of pressure or something like that, they have it vented. If you have time, remove the battery and then the tray underneath, only 2 13mm bolts and check underneath.
ak96ss - Mine just had a hole and from searching the etk I noticed the vent box. I don't think it was stock on the 318is, but with the surface rust I know the escape route was not there. Maybe if I new about the grommet, which I couldn't find, I would have gone thru that route. Looks like I got the vent box that is one of the part numbers but the other I did order and it was the size of a half dollar, so no idea where it would get installed. Only took a little drilling to get this one in perfect.