Solus Advanced Materials Secures Funding from European Bank for Reconstruction and Development... "33 Billion KRW Scale"

Exterior view of Solus Advanced Materials' battery foil factory in Hungary. (Photo by Solus Advanced Materials)

[Asia Economy Reporter Jeong Hyunjin] Solus Advanced Materials announced on the 10th that it has successfully secured $28 million (approximately 33 billion KRW) in funding from the European Bank for Reconstruction and Development (EBRD).

The global financial institution EBRD conducted a two-year investment suitability review and approved a large-scale five-year long-term loan facility. This loan will be used to expand the battery foil factory in Hungary. Solus Advanced Materials' Hungary plant plans to actively target the European electric vehicle market by achieving an annual production capacity of 100,000 tons by 2026, supported by the European Union (EU) and others.

As the only battery foil production base in Europe, Solus Advanced Materials' Hungary plant contributes to the circular economy of electric vehicle batteries by recycling copper scrap.

Kwack Geunman, CFO of Solus Advanced Materials, said, "With this successful EBRD loan, Solus Advanced Materials' battery foil business growth potential and eco-friendly initiatives have been recognized by a reputable global financial institution." He added, "We expect this to serve as a good reference for future long-term loans from other financial institutions and to enhance Solus Advanced Materials' external credibility."

This content was produced with the assistance of AI translation services.