Solus Advanced Materials Co. boosted its battery foil sales volume by more than 60% in 2024, bucking the trend of slowing electric vehicle demand that hit many suppliers last year.
The South Korean manufacturer maintained factory utilization above 80% even as peers struggled with declining orders. The company’s expansion comes as Chinese rivals face new headwinds after Beijing ended a 13% value-added tax refund on copper exports in December.
Solus is pushing to capture more of the North American EV supply chain through a new plant under construction in Quebec. The facility, operated by subsidiary Volta Energy Solutions Canada, would make it the first Asian copper foil supplier with local production when it opens in 2025.
The company leveraged technology from its 2014 acquisition of Circuit Foil Luxembourg to enter battery materials, launching Hungarian production in 2020 through Volta Energy Solutions Hungary. A second European plant began mass output in October 2023.
Battery foil, a critical component for EV power cells, represents a growing segment for Solus as automakers seek to diversify supply chains beyond China. The company aims to strengthen its position in key markets through expanded production capacity.
