Solus Advanced Materials Hungary Corporation, Meeting with Andeokgeun, Head of Trade Negotiations Bureau at Ministry of Trade, Industry and Energy

Discussion on Measures to Address the Deepening Energy Crisis Amid Prolonged Russia-Ukraine War

Andeok Geun, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, is explaining the current status of business operations to officials during a visit to Solus Advanced Materials' Hungary branch. Provided by Solus Advanced Materials.

[Asia Economy Reporter Park Sun-mi] Solus Advanced Materials announced on the 28th that a high-ranking delegation from the Korean government visited its Hungarian subsidiary (VESH) on-site.

Located in Tatab?nya, Hungary, VESH met on the 25th (local time) with Ahn Deok-geun, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, who was touring Hungary, Lithuania, and the Czech Republic as a special envoy of the president. They discussed the company's operational status and challenges.

They formed a consensus on ▲expanding Korea-Hungary trade and investment ▲the need to respond to the European energy crisis caused by the prolonged Russia-Ukraine war based on supply chain cooperation. To increase understanding of the energy-intensive battery copper foil process, a tour of the production line at Hungary’s first plant was also conducted. Subsequently, Ahn presided over a meeting with companies operating in Hungary, where communication was held with related companies such as ▲Lotte Chemical ▲Soulbrain ▲NCAM.

Solus Advanced Materials is stepping on the accelerator to fully expand its battery copper foil business, supported by the EU’s push to enact the Raw Materials Act. Ahead of the mass production at the Hungary second plant with an annual capacity of 23,000 tons, the company plans to establish an annual production capacity of 100,000 tons in Europe by 2026 to actively target the European electric vehicle market.

Kim Sang-beom, Head of Solus Advanced Materials’ Hungary Business Division, said, “This visit by the Korean government highly evaluated Solus Advanced Materials, the only battery copper foil production base in Europe and a representative Korean company operating in Hungary.” He added, “Through strategic expansion investments, we will achieve sales growth while securing leadership in the electric vehicle ecosystem in Europe.”

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