SEOUL -- Solus Advanced Materials, an electronic component manufacturer in South Korea, joined hands with the trading arm of Japan's Toyota Group to set up a joint venture for the production and marketing of copper foils, a key component for electric vehicle batteries, that target North American markets.
Solus said it has signed a memorandum of understanding with Toyota Tsusho to establish a joint venture capable of producing 30,000 tons of copper foils per year probably in 2024. The joint venture will be based in North America, but its exact location and additional investments would be fixed through further discussion.
The two companies would cooperate with process optimization, the supply of raw materials, and sales base sharing. "The MOU is meaningful in that it has recognized our technical skills and competitiveness," Solus CEO Suh Kwang-pyuk said in a statement on May 31.
Solus runs a copper foil plant in Hungary. Copper foils are used as a substrate for coating anode materials in lithium-ion batteries. Doosan Solus changed its name to Solus Advanced Materials after it was sold to Skylake Investment, a private equity fund, in 2020 as part of Doosan Group's restructuring to ease financial woes.
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