EBRD to support copper foil factory for EV batteries project in Hungary
Date
1/10/2022 8:10:07 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Jan.10
By Leman Zeynalova – Trend:
The European bank for Reconstruction and Development (EBRD) 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, Trend reports with reference to EBRD.
The Bank will provide a long-term loan of $28 million for the first plant in Europe to produce copper foil for EV batteries. This facility will supply to European EV battery producers in Europe.
By 2050, the European Union aims for a climate-neutral economy. Moving to electro-mobility is a key element in reducing CO2 emissions and reaching the bloc's climate action targets.
The plant in Hungary will contribute to this aim. Since it relies fully on scrap copper, it also contributes to the circular economy of the EV battery sector. The project is aligned with the goals of the Paris Agreement on limiting climate change, and meets the requirements of the EU Taxonomy.
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