Volta Energy Solutions, world's first manufacturer of copper foil for batteries, to expand business presence in North American EV market

• World's No. 1 manufacturer of copper foil for high-tech industries and EV batteries.
• Established in 1960, CFL has secured foundational technology and patents by developing the world's first electrodeposited copper foil for batteries.
• Korea's leading companies are entering the North American EV market to build a battery supply chain.

SEOUL, South Korea, Jan. 31, 2024 /PRNewswire/ -- Volta Energy Solutions (VES), developer of the world's first electrodeposited copper foil for batteries, is now penetrating the North America market. VES has started to build a new battery copper foil plant in Quebec, Canada, this year to fill the battery copper foil vacuum in the North American electric vehicle (EV) supply chain.

With the rapid growth of the EV market, global companies are scrambling to enter North America to complete the battery supply chain. Global automakers such as GM, Honda, and Hyundai Motor and battery cell manufacturers are advancing into the North American market independently or through joint ventures.

The growth rate of the EV market in the United States this year is projected to be higher than anywhere else. S&P Global Mobility's 2024 global sales forecast projects battery electric vehicles (BEVs) to be on track to post sales of 13.3 million units worldwide for 2024, and the BEVs' share in the United States will be 13.2%, up by 66.4% from last year, far exceeding the average year-on-year growth rate of BEVs' share of the global market (39.5%).

The demand for copper foil, a battery material, is expected to see a substantial increase by 2030. According to SNE Research, a battery market research firm, the demand for copper foil for secondary batteries will be 490,000 tons this year and 2.07 million tons in 2030, rising by an annual average rate of 27%. The size of the market is projected to expand from USD 2.61 billion in 2021 to USD 7.47 billion in 2025.

Manufacturers of EV battery materials are racing to establish a presence in the North American market. VES is a leading company that has already started to build the first battery copper foil plant in Canada. It established Volta Energy Solutions Canada (VESC), a Canadian subsidiary, in 2022 and began construction of the plant this year, aiming to enter operation in 2025 with an annual production capacity of 25,000 tons.

VES's copper foil technology for EV batteries originated from its European subsidiary, Circuit Foil Luxembourg (CFL). Established in Luxembourg in 1960, CFL is a copper foil manufacturer with a history of over 60 years. Its copper foil technology has been recognized worldwide, and is widely adopted in high-tech IT industries such as PCBs for AI semiconductor, telecommunication equipment, and autonomous driving sensors.

Ultra-thin copper foil, about two to three micrometers thick, are manufactured by only two companies in the world, CFL and Japan's Mitsui, proving the unrivaled nature of CFL's technology. Based on its robust technology and manufacturing expertise, CFL developed the world's first copper foil for batteries in 1996 and submitted multiple patent applications in Canada and the Unites States as well as Luxembourg. In 2020, the company successfully initiated the mass production of copper battery foil at its Hungary plant, the only battery copper foil manufacturer in Europe.

With this original technology legacy and product recognition, VES is currently supplying battery copper foils to various global businesses in the United States and Europe. It has signed supply contracts with automakers in North America as well as the Automotive Cells Company (ACC), a European battery manufacturer established jointly by Mercedes-Benz, Stellantis, and TotalEnergies. Its customers also include Korea's world leading battery cell companies, such as LG Energy Solutions and SKON.

A VES official said, "Automakers in North America are striving to secure stable supply chains before the EV market matures, and we are dedicated to stabilizing the regional supply chain through our battery copper foil plant base in North America and promoting the regional economy."

About Volta Energy Solutions

Volta Energy Solutions (VES) is a European subsidiary of Solus Advanced Materials (a South Korea-based company listed on the Korean stock market (KOSPI)). Solus Advanced Materials has a strong business presence globally, especially in copper foil and copper foil for Electric Vehicle batteries. VES's history dates back to 1960, when Circuit Foil Luxembourg (CFL) was established in Luxembourg. CFL was the first company to develop copper foil for electric vehicle batteries (in 1996). Solus Advanced Materials acquired CFL in 2014 and entered the copper foil business based on CFL's technological expertise and knowhow. Since 2014, Solus Advanced Materials has been expanding its business presence, establishing a new footprint in Europe with its battery foil plant in Hungary in 2018. Through this strategic movement, VES was established in Luxembourg to manage and expand its global presence further. With the rapid growth of the North American EV market, VES established VES Canada (VESC), located in Quebec, Canada, to expand its business presence in the market. For more information, please visit the VES website at www.volta-energysolutions.com/ www.circuitfoil.com