Solus Advanced Materials gets USD 28 mln loan from EBRD
The European Bank for Reconstruction and Development (EBRD) announced a USD 28 million loan for the construction of a plant by South Korea's Solus Advanced Materials that will make copper foil for electric vehicle batteries, according to autopro.hu.
The plant, in Tatabánya (60 km west of Budapest), will be the first of its kind in Europe, the EBRD said. It will support the move to electro-mobility and advance the European Union toward its goal of achieving a climate-neutral economy while contributing to the circular economy as it relies wholly on scrap copper for its feedstock, the EBRD added.
"We fully support Solus Advanced Materials' growth and its contribution to Hungary becoming a hub for the European EV battery industry," EBRD head of industries Frederic Lucenet said.
To date, the EBRD has invested almost EUR 3.3 billion in 192 projects in Hungary.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.