[서울=뉴스핌] Reporter Seo Young-wook = As Solus Advanced Materials received final quality approval for battery foil, a core material for electric vehicle batteries, from LG Energy Solutions, full-scale mass production began to count down.
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.
This approval was carried out as an extension of the existing supply contract 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).
Under this contract, Solus Advanced Materials will supply battery foil to LG Energy Solutions that have been physically divided by LG Chem for five years until December 31, 2025. Sales and supply are in Europe.
 |
| A bird’s-eye view of the battery foil factory of Solus Advanced Materials located in the Turtervanyeo industrial complex in Hungary [제공=솔루스첨단소재] |
An official from Solus Advanced Materials said, “Before the completion of the first plant in Hungary, we have already secured a supply of approximately 80% of 10,000 tons per year, so we have proven our competitiveness in order wins.” The possibility of preoccupying the battery foil market over other competitors has increased.”
Hungary’s first factory, the only battery foil production base in Europe, is implementing high-quality battery foil by utilizing the world’s first battery foil development technology and production know-how owned by Circuit Foil Luxembourg (CFL), a subsidiary of Solus Advanced Materials.
Solus Advanced Materials plans to actively target the European market with an annual production capacity of 75,000 tons by 2025 following the investment in the second plant in Hungary with an annual capacity of 15,000 tons.
On the 23rd of last month, LG Energy Solutions participated in a paid-in capital increase investing about 57.5 billion won in Solus Advanced Materials’ European subsidiary to establish a stable raw material supply system.