Solus Advanced Materials announced on the 8th that the battery foil produced at the first plant in Hungary has obtained the final quality approval of LG Energy Solutions. It is an evaluation that, in the wake of the first shipment of battery foil in November last year, the foundation for customer diversification and expansion of global market dominance centered on Europe will be laid.
This approval is an extension of the supply contract signed with LG Chem. Solus Advanced Materials signed a mid-to-long-term supply contract with LG Chem in July 2019, worth about $380 million (about 420 billion won).
Through this contract, Solus Advanced Materials plans to supply battery foil to LG Energy Solutions, which has been physically divided by LG Chem for five years from the 1st of this month to December 31st, 2025. Battery foil sales and supply regions are in Europe.
An official from Solus Advanced Materials said, “Before the completion of the first plant in Hungary, we have proven our competitiveness in order wins as we secured a supply of approximately 80% of 10,000 tons per year.” The possibility of preoccupying the edge of the battery foil market has increased,” he said.
Hungary’s first plant, the only battery foil production base in Europe, is the world’s first battery foil development technology and production know-how accumulated by Circuit Foil Luxembourg (CFL), a subsidiary of Solus Advanced Materials.
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Solus Advanced Materials plans to actively target the European market with an annual production capacity of 75,000 tons (CAPA and capacity) by 2025 following the investment in the second plant in Hungary with an annual capacity of 15,000 tons.
On the other hand, on the 23rd, LG Energy Solutions participated in a paid-in capital increase investing about 57.5 billion won in Solus Advanced Materials’ European subsidiary in order to establish a stable supply of raw materials.