EBRD backs Hungary’s copper foil factory for EV batteries

WCN Editorial Team 10 Jan 2022 EUROPE BUILDINGS

The European Bank for Reconstruction and Development (EBRD) has agreed to offer a $28m loan to South Korean firm Solus Advanced Materials for building an ultra-thin copper foil factory in Tatabanya, northwestern Hungary.

It is said to be the first factory in Europe that will be engaged in the production of ultra-thin copper foil, which will be delivered to electric vehicle (EV) battery manufacturers across Europe.

EBRD Industries head Frederic Lucenet 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.”

The European Union (EU) has set a 2050 target for climate-neutral economy, and the new factory is expected to support this objective.
Solus’ new facility will make use of scrap copper, supporting the circular economy of the EV battery space.

Solus Advanced Materials CFO Keunman Kwak said: “We are delighted with our cooperation with valued European partner such as EBRD.

“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.”

Additionally, the project is said to be in line with the objectives of the Paris Agreement on addressing climate change, as well as fulfils the EU Taxonomy’s requirements.

 

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The ultra-thin copper foil will be supplied to electric vehicle battery manufacturers across Europe. Credit: The European Bank for Reconstruction and Development.

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