The European Bank for Reconstruction and Development (EBRD) on Monday announced a 28 million dollar loan for the construction of a plant by South Korea’s Solus Advanced Materials that will make copper foil for electric vehicle batteries.
The plant, in Tatabánya, in northwest Hungary, 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 fully on scrap copper for its feedstock, the EBRD said.
“We fully support Solus Advanced Materials’ growth and its contribution to Hungary’s becoming a hub for the European EV battery industry,” EBRD Head of Industries Frederic Lucenet said.
To date, the EBRD has invested almost 3.3 billion euros in 192 projects in Hungary.