Export-Import Bank of Korea to Provide $200 Million for Solus Advanced Materials’ Battery Foil Plant in Canada

25,000 Tons of Battery Foil to Be Produced Annually Starting in 2027
Building Supply Chains for Korean Battery Manufacturers Expanding into North America

The Export-Import Bank of Korea announced on November 27 that it will provide a total of 200 million dollars (approximately 293.3 billion won) to Solus Advanced Materials for the construction of its battery foil production facility in Canada. Battery foil refers to a thin copper foil that serves as the current collector (the pathway for electrons) in electric vehicle batteries. It is considered a key material for improving driving range and achieving higher energy density in electric vehicles.

For this project, the Export-Import Bank of Korea arranged a syndicated loan totaling 220 million dollars by utilizing both export financing and the Supply Chain Stabilization Fund through the 'K-Finance Package.' This package combines the bank’s financial instruments (such as export financing, the Supply Chain Stabilization Fund, and development finance) to expand the scale of support and enhance interest rate competitiveness.

Of the total, the Export-Import Bank of Korea will provide 60 million dollars, the Supply Chain Stabilization Fund established within the bank will contribute 140 million dollars, and other financial institutions will also participate to some extent.

This project centers on the expansion and reconstruction of production facilities that Solus Advanced Materials is building in Granby, Quebec, Canada, to manufacture battery foil-a critical material for the anodes of electric vehicle batteries.

Once mass production begins in 2027, the plant will become the only battery foil production facility in North America, with an annual production capacity of 25,000 tons. This is expected to significantly strengthen the market responsiveness of Korean electric vehicle battery manufacturers, who have been increasing their investments in the North American region.

An official from the Export-Import Bank of Korea stated, "This project is an example of domestic and international policy financial institutions joining forces to strengthen the secondary battery ecosystem, a high-tech strategic industry, in response to the rise of protectionism." He added, "The Export-Import Bank of Korea will continue to expand the K-Finance Package by utilizing a variety of financial instruments, thereby making a significant contribution to enhancing the competitiveness of our battery industry and stabilizing supply chains."