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€24m EU funding for Hungarian battery copper foil plant

Business news |
By Nick Flaherty


The European Commission has approved Hungary’s €24 million backing of Volta Energy Solutions for the extension of a battery copper foil plant in Környe (Central Transdanubia)

Volta Energy Solutions (previously Doosan Energy Solution) is a subsidiary of Solus Advanced Materials in Korea, which produces copper foil, display materials, and biomaterials. The €24 million Hungarian investment aid will support the plant in Környe with a €206m project to double production of copper foil electrodes for batteries for electric vehicles.

The project started in October 2020 and is planned to be completed in 2022 and is expected to create nearly 200 direct jobs. The plant current produces 50,00 tonnes of copper electrodes.

The Commission found that the investment aid will contribute to job creation as well as to the economic development and to the competitiveness of a disadvantaged region and in the absence of the public funding, the project would have been carried out outside the European Economic Area (EEA). The aid is the minimum necessary to trigger the investment in Hungary, rather than outside the EEA, and takes into account the aid which Hungary granted to the company for the same plant in 2018.

The supply of materials such as lithium and copper electrodes to battery cell manufacturers is a key part of the supply chain for building electric vehicles, and the E is aiming to stimulate production by European companies as well as external suppliers. BMW is building a plant in in Debrecen, Hungary, that is due to begin production in 2025 and Audi, Mercedes-Benz and Suzuki all have plants in the country.

ec.europa.eu

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