Supplied copper foil to LG Energy Solutions for 5 years
Solus Advanced Materials (formerly Doosan Solus) announced on the 8th that the copper foil (battery foil) produced at the first plant in Hungary has received the final quality approval from LG Energy Solutions. The company explained that the mass production supply was imminent.
Prior to this final quality approval, Solus Advanced Materials signed a copper foil supply contract with LG Chem for about $380 million (about 420 billion won) in July 2019. Solus Advanced Materials will supply copper foil for five years from this year to 2025 to LG Energy Solutions, which has been physically divided by LG Chem. The sales and supply regions are in Europe.
An official from Solus Advanced Materials said, “It was a good news following the first copper foil shipment in November last year.” He said, “Before the completion of the first plant in Hungary, we have secured an 80% supply of 10,000 tons per year, proving our competitiveness in order wins.”
Hungary’s first plant is the only copper foil production base in Europe. It utilizes the world’s first copper foil development technology and production know-how owned by Circuitfoil Luxembourg (CFL), a subsidiary of Solus Advanced Materials. Solus Advanced Materials plans to target the European market with an annual production capacity of 75,000 tons by 2025 following the expansion of the 2nd plant in Hungary with an annual capacity of 15,000 tons.
On the 23rd of last month, LG Energy Solutions participated in the capital increase of Solus Advanced Materials’ European subsidiary to establish a stable raw material supply system. LG Energy Solutions invests 57.5 billion won in cash.
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