May 28, 2023

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Solus buys back its Canadian copper foil plant

Solus buys back its Canadian copper foil plant

South Korean battery foil manufacturer Solus Advanced Materials Company reported this week the acquisition of its former Canadian copper foil manufacturing plant, as it its looks to increase its exposure to the North American market.

Solus Advanced Materials was previously known as Doosan Solus, when it was owned by Doosan Group between 2014 and 2020, until the South Korean industrial conglomerate sold its stake to a private equity firm to fund its struggling subsidiary Doosan Heavy Industries & Construction Company.

Solus Advanced Materials said in a regulatory filing this week that it has re-acquired the Quebec-based plant, which an annual production capacity of 60,000 tons of copper foil used primarily as a negative electrode for the anode current collector in lithium-ion battery cells. The company’s main target is the growing North American electric vehicle (EV) market.

The acquisition in practice gives Solus Advanced Materials back the factory that had been run by its European division before it was acquired by Doosan Group in 2014.

According to reports in South Korea, Solus Advancd Materials plans to invest in expanding the facility, with the aim of starting mass production in 2024.