Solus Advanced Materials announced on the 2nd that it has signed a supply contract for battery copper foil with China's Contemporary Amperex Technology Co., Limited (CATL), the world's largest electric vehicle battery manufacturing corporation. Solus Advanced Materials plans to supply the battery copper foil produced at its Hungary plant to CATL's battery factory located in Europe.
Solus Advanced Materials explained, "Based on our technological and manufacturing competitiveness, we have proven our competitive edge with world-class battery copper foil quality, local supply, and quick response, successfully securing new orders one after another this year and greatly benefiting from preempting the European market."
As of last year, CATL holds about a 40% share of the global electric vehicle battery market, making it the largest battery company in the world. CATL is accelerating its local production expansion in Europe. Since 2022, CATL has been operating a battery production facility with a capacity of 14GWh in Erfurt, Germany. In Debrecen, Hungary, it plans to start up a second production plant with a capacity of 100GWh this year. By 2026, CATL aims to operate its third battery plant in Europe in Spain in partnership with Stellantis.
Kwak Geun-man, CEO of Solus Advanced Materials, said, "Our new collaboration with the global battery market powerhouse, CATL, proves our global competitiveness once again. Through this new partnership, we will accelerate innovations in battery copper foil technology and actively cooperate with CATL to stabilize the local supply chain in Europe, enhancing customer satisfaction."