[Feature Stock] Solus Advanced Materials Jumps 15% on News of Battery Foil Supply Deal with China’s CATL

Solus Advanced Materials showed strong performance in early trading. The news that the company has successfully signed a supply contract for battery foil (copper foil for secondary batteries) with CATL, the world's largest battery manufacturer based in China, is believed to have boosted investor sentiment.

As of 9:05 a.m. on June 2, Solus Advanced Materials was trading at 9,880 won, up 1,300 won or 15.15% from the previous trading day.

Solus Advanced Materials announced that starting next year, it will supply battery foil produced at its Hungarian plant to CATL's battery factory located in Europe. Battery foil is a current collector material used in batteries for electric vehicles.

The two companies have also left the door open for potential collaboration on new product development in the future. CATL is the world's largest battery manufacturer, with a global market share of approximately 40% based on electric vehicle battery usage last year.

Solus Advanced Materials currently operates the only battery foil production plant in Europe. Among domestic battery foil companies, this is the first time that a supply chain with CATL in Europe has been established.

Solus Advanced Materials CEO Kwak Geunman stated, "The partnership with CATL is another example that demonstrates our global technological competitiveness," adding, "We will continue to enhance customer satisfaction through technological innovation and stable supply."