Solus Advanced Materials Invests 240 Billion KRW in Battery Foil Plant in Quebec, Canada

Establishing Mass Production System for Canada Factory Scheduled to Start Construction in July

[Asia Economy Reporter Moon Chaeseok] Solus Advanced Materials is starting investment for mass production at its North American battery copper foil production base, the Quebec battery copper foil plant in Canada.

Solus Advanced Materials announced on the 28th that it held a board meeting and resolved to inject 240 billion KRW in cash into its subsidiary VES.

VES owns 100% of Solus Advanced Materials' North American battery copper foil production base, the Quebec plant in Canada. Solus Advanced Materials, the largest shareholder of VES, will use all the funds raised through a paid-in capital increase in May to participate in VES's shareholder-paid capital increase. Through this investment, it plans to secure funds for the construction of the Canadian plant starting next month without diluting its shares.

By investing about 240 billion KRW out of the total 400 billion KRW investment for the Canadian plant, Solus Advanced Materials' shareholding ratio is expected to rise to 54.31%. The remaining amount will be invested by Skylake Equity Investment.

Kwack Geunman, Chief Financial Officer of Solus Advanced Materials, said, "With this investment, we have secured all the necessary funds to establish a 17,000-ton mass production system in the second half of 2024 at the Canadian plant," adding, "We will leverage a stable financial base to gain a first-mover advantage in the North American market ahead of competitors."

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