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CFL, a European subsidiary of Solus Advanced Materials (photo=Solus Advanced Materials) |
[Alpha Biz= Reporter Kim Jisun] Solus Advanced Materials has secured approximately KRW 150 billion in incentives from the Quebec government for its ongoing battery copper foil (used in electric vehicle batteries) plant project in Quebec, Canada.
On October 6, Solus Advanced Materials announced that its overseas subsidiary, Volta Energy Solutions Canada, had signed an incentive agreement with Quebec’s provincial agency, Investissement Québec (IQ), formalizing the CAD 150 million incentive support for Canada’s first battery foil plant construction project.
The Quebec government initially committed the CAD 150 million incentive in September last year when construction began. The agreement, now finalized, includes an interest-free loan, with further discussions on additional financial support programs such as tax credits and workforce development programs.
Located in Granby, Quebec, the new battery foil plant is Solus Advanced Materials' second overseas production base after Hungary. To strengthen its foothold in the North American electric vehicle market, the company secured the production base in 2021, becoming the first Korean firm to enter the Canadian market.
With the secured incentive, Solus Advanced Materials plans to accelerate the plant's construction, which is progressing smoothly. The Quebec facility is expected to start mass production in 2026, with an initial annual production capacity of 25,000 tons, eventually expanding to 63,000 tons of battery foil.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
