- Volume of battery copper foil supplied to North American
customers from January to May 5.8 times higher than previous
year
- Multiple global customers in North America and Europe… Solus has
Europe's only battery copper foil
plant in Hungary with
world-leading technology
SEOUL,
South Korea, June 28,
2024 /PRNewswire/ -- The copper foil for electric
vehicle batteries business of Solus Advanced Materials, a
manufacturer of copper foil for secondary batteries, has recently
been showing great potential, with remarkable results achieved in
the North American market. With the company supplying an increasing
volume of battery copper foil directly to America's No. 1 electric
vehicle company, battery copper foil sales to customers in
North America have
skyrocketed.
According to an industry insider, it was confirmed that up to
May of this year, Solus Advanced Materials sold 5.8 times more
battery copper foil to North American customers than in the same
period last year. Indeed, sales up to May of this year were already
2.6 times higher than the entire last year's sales. As a result,
monthly shipments from the Hungarian battery copper foil plant
exceeded 1,000 tons for the first time in April, and have been
maintained at that level since.
Last year, battery copper foil sales to North American customers
accounted for only 13% of total battery copper foil sales, but from
January to May this year, accounted for 60% of total battery copper
foil sales.
The industry believes that most of the increased volume to North
American customers is due to the increased sales to the leading
global electric vehicle company headquartered in the United States. It is known that Solus
Advanced Materials is currently the only Korean battery copper foil
manufacturer that directly supplies battery copper foil to the
company in North America.
Despite the recent sluggishness of demand for electric vehicles,
especially in Europe, the company
has been growing mainly due to it being the exclusive supplier of
battery copper foil to the No. 1 electric vehicle company in
the United States. With the
expanded weight not only of Korea's major battery cell companies
but also of America's No. 1 electric vehicle company, battery
copper foil sales have recently reached 50% of total sales.
The company's increased competitiveness, developed through
cooperative relationships with various customers, and its advanced
battery copper foil manufacturing technology are the key factors
behind this growth. Currently, Solus Advanced Materials produces
battery copper foil at its subsidiary, Volta Energy Solutions,
located in Tatabánya Hungary.
Volta Energy Solutions' Hungary
plant is Europe's only battery
copper foil manufacturing plant, and supplies its products promptly
to various global customers in North
America and Europe,
including ACC. ACC is an electric vehicle battery company jointly
formed by Total Energy of France,
Mercedes-Benz of Germany, and
Stellantis of the United States
and Italy. Following its contract
with the No. 1 electric vehicle company in the United States, Solus Advanced Materials
signed a supply contract with this company for the first time in
2022.
An official from Solus Advanced Materials said, "We are
manufacturing the world's highest quality battery copper foil based
on the original copper foil manufacturing technology of Circuit
Foil Luxembourg (CFL), a subsidiary established in Luxembourg in 1960," adding, "We possess many
of the core technologies that determine the quality of battery
copper foil, including one in which we manufacture drums for copper
foil."
Meanwhile, the U.S. government is providing a maximum subsidy of
$7,500 in the form of a tax credit to
electric vehicles that undergo their final assembly in North America. Starting this year, the related
system has been changed to allow customers to receive a discount
equal to the tax deduction amount in advance at the time of
purchasing the car, instead of on their tax return at the end of
the year. As a result, sales of eco-friendly vehicles such as
electric vehicles and plug-in hybrids in the United States are up by 50% compared to
the previous year, reaching an all-time high on an annual basis.
The effectiveness of this form of government support sends a
positive signal for the growth and expansion of the electric
vehicle industry.
About Solus Advanced Materials
Solus Advanced Materials is a South
Korea-based company listed on the Korean stock market
(KOSPI). Solus Advanced Materials has a strong business presence
globally, especially in copper foil for Printed Circuit Board and
copper foil for Electric Vehicle batteries. Solus Advanced
Materials's history dates back to 1960, when Circuit Foil
Luxembourg (CFL) was established in Luxembourg. CFL was the first company to
develop copper foil for electric vehicle batteries (in 1996). Solus
Advanced Materials acquired CFL in 2014 and entered the copper foil
business based on CFL's technological expertise and knowhow. Since
2014, Solus Advanced Materials has been expanding its business
presence, establishing a new footprint in Europe with its battery copper foil plant,
Volta Energy Solutions Hungary (VESH). Through this strategic
movement, Solus Advanced Materials is managing and expanding its
global presence further. With the rapid growth of the North
American EV market, Solus Advanced Materials established Volta
Energy Solutions Canada (VESC), located in Quebec, Canada, to expand its business
presence in the market.
For more information, please visit the VES website
at
www.circuitfoil.com/ www.volta-energysolutions.com
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SOURCE Solus Advanced Materials