- 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
