South Korean battery materials producer, Solus Advanced Materials, announced it has signed a major copper foil supply deal with a leading Chinese producer of electric vehicle (EV) batteries. The unnamed client, thought to be CATL, is understood to be currently building an EV battery plant in Europe that is scheduled to begin operations at the end of 2026.
Solus has agreed to supply 20,000 tons of its latest ultra-thin copper foil over a five-year period from its plant in Hungary, starting next year. The batteries produced using Solus’s copper foil will ultimately be fitted to EVs produced by a German automaker in Europe. The company’s share price surged 14% on the news, before giving back some of the gains.
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With this deal, Solus has signed up eight clients for its copper foil business, up from four at the end of 2024. The company is targeting an additional two customers next year, to further consolidate its position in the global copper foil battery market, according to reports.
The company’s CEO, Kwak Geun-man, said in a statement: “Europe is rapidly reorganizing around electric vehicles in terms of policy, demand, and regulations, emerging as a key battleground in the global EV market. By building a diversified customer portfolio in the EV and energy storage system (ESS) markets, we are simultaneously improving both revenue stability and profitability.”
