First copper foil production plant in Europe to boost EV battery innovation
South Korea-based multinational technology firm Solus Advanced Materials is set to become the first in Europe to produce copper foils for use in electric vehicle (EV) batteries.
Solus Advanced Materials will use a $28 million loan secured from the European Bank for Reconstruction and Development (ERDB) to set up a manufacturing facility in Tatabanya in northwestern Hungary.
The facility will produce copper foils to supply manufacturers of EV batteries in Europe thereby promoting a circular economy in Hungary and within the European EV battery sector.
Unlike other materials used for battery production which are scarce and climate aggressive, copper foil is an underutilised – material that has a high conductivity of electricity and heat.
The use of copper foils in EV batteries is expected to contribute to the achievement of the Green Deal, EU Taxonomy and Fit for 55 climate action goals, according to a statement.
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The development comes at a time Europe is employing various measures to speed up the electrification of the transport sector under efforts to achieve a climate-neutral economy by 2050. The measures include partnerships between utilities, automakers and technology firms on infrastructure development, incentivising EVs and enactment of policies banning the use of combustion vehicles.
Frederic Lucenet, EBRD head of industries, said: “We are pleased to finance this project, which marks another step forward in greening the economy and advancing e-mobility. We have a strong track record of financing EV manufacturing, EV batteries and other EV supply chain components. We fully support Solus Advanced Materials’ growth and its contribution to Hungary’s becoming a hub for the European EV battery industry.”
Keunman Kwak, CFO Solus Advanced Materials, added: “Construction of the plant in Hungary is a significant milestone for Solus and we believe EBRD’s support will strengthen our growth strategy and contribute to accelerating the shift to EVs and a cleaner world for us all. We look forward to continued cooperation with the EBRD as a committed long-term partner.”
