Volta completes long-term funding round for 2nd phase of investment in Hungary
On June 10, Volta Energy Solutions Hungary Kft. (Volta), Europe's only ultra-thin battery copper foil manufacturer for electric vehicle (EV) batteries, signed a five years syndicated green loan facility in the amount of USD 200 million with a bank consortium led by Raiffeisen Bank Zrt. as bookrunner, including CIB Bank Zrt, K&H Bank Zrt, UniCredit Bank Hungary Zrt. and Woori Bank (London and Europe) as original lenders, according to a press release sent to the Budapest Business Journal.
Dentons Réczicza Law Firm was the lenders' legal adviser, while Volta was represented by Kinstellar Budapest.
This funding enables Volta, a subsidiary of Solus Advanced Materials in South Korea, which is one of the global leading producers of the battery copper foil, to complete its USD 310 million second investment phase in Környe in north-western Hungary and to increase its battery copper foil capacity from 15,000 tons per year to 38,000 tons per year.
Ultra-thin Battery copper foil is a crucial component of the batteries of electric vehicles, the demand of which has been constantly rising over the past years. The project is also aligned with the goals of the Paris Agreement on limiting climate change and meets the requirements of the EU Taxonomy. To show the company's dedication to the circular economy and that the investment paves the way for a greener future, Volta's Loan Framework has been verified in a second party opinion by Moody's ESG Solutions, according to the press release.
Keun Man Kwak, CFO Solus Advanced Materials, noted, "We are delighted with our cooperation with valued syndication lenders, which marks another step forward in greening the economy and advancing e-mobility. We strongly believe this syndication will strengthen our growth strategy and contribute to accelerating the shift to EVs and a cleaner world for us all. We look forward to continued cooperation with local financial institutions as a committed long-term partner."
Ferenc Kementzey, deputy CEO, Raiffeisen Bank Zrt., added, "We are happy to contribute to the success of Volta Energy Solutions Hungary by arranging a syndicate to finance its green investment in Hungary. RBI Group is a committed ESG partner of its clients and puts sustainability in front in its lending activity."
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
120,000 Guest Workers Employed in Hungary
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
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.
