Schoenherr has advised Solus Advanced Materials' subsidiary Volta Energy Solutions Hungary on a USD 28 million loan from the EBRD for the construction of a copper foil factory. Dentons advised the EBRD.
According to the EBRD, the loan "will support the construction of an ultra-thin copper foil factory for electric vehicle (EV) batteries in Tatabanya, northwestern Hungary, by Solus Advanced Materials of South Korea, which is one of the global leading producers of the material."
Solus Advanced Materials is a global ultra-thin EV battery copper foil producer, with a portfolio of materials for electric vehicles, display materials, and biomaterials.
"We are pleased to finance this project, which marks another step forward in greening the economy and advancing e-mobility," EBRD Head of Industries Frederic Lucenet commented. "We have a strong track record of financing electric vehicles manufacturing, electric vehicle batteries, and other electric vehicle supply chain components. We fully support Solus Advanced Materials’ growth and its contribution to Hungary’s becoming a hub for the European electric vehicle battery industry."
"We are delighted with our cooperation with valued European partners such as the EBRD," Solus Advanced Materials CFO Keunman Kwak added. "Construction of the plant in Hungary is a significant milestone for Solus and we believe the EBRD’s support will strengthen our growth strategy and contribute to accelerating the shift to EVs and a cleaner world for us all."
The Dentons team was led by Partner Gergely Horvath.