4 days ago
Solus to supply key EV battery material to CATL's European plants
Korean battery materials producer Solus Advanced Materials announced Monday that it has secured a contract to supply electrolytic copper foil to Chinese electric vehicle battery juggernaut CATL.
Under the agreement, Solus will deliver the key battery component from its Hungarian plant to support CATL's rapidly expanding operations across Europe. While Solus did not disclose the duration or volume of the deal, it confirmed that deliveries will begin in 2026.
This marks the first time a Korean foil manufacturer has been selected to supply CATL's European operations.
Solus attributed its successful bid to its position as the only Korean electrolytic foil producer currently operating in Europe as well as its technical expertise in foil manufacturing and rapid delivery capabilities.
'This new collaboration with CATL, a powerhouse in the global battery market, confirms Solus Advanced Materials' global competitiveness,' said Solus CEO Kwak Keun-man.
'Through this partnership, we will accelerate innovation in elecfoil technology and fully support CATL in building a localized supply chain in Europe, ultimately enhancing customer satisfaction.'
CATL, the world's largest battery maker, currently runs a 14 gigawatt-hour plant in Erfurt, Germany, and is set to open a 100 GWh facility in Hungary later this year.
A third plant, co-developed with European automaker Stellantis, is planned for Spain with an expected opening in 2026 — part of CATL's broader strategy to solidify its foothold in the European market amid growing policy headwinds in the US.
Solus added that both companies are also exploring joint development of next-generation products.
The market responded positively to the announcement. Shares of Solus surged at the opening of Korea's main bourse, Kospi, reaching as high as 10,990 won ($14.51), a 28 percent increase from the previous day's close. As of 12:53 p.m., the stock was trading at 9,790 won, up 14.1 percent from the previous day.
