Solus Advanced Materials Sees 60% Growth in Battery Foil Sales for 2024
Solus Advanced Materials reported a remarkable 60% increase in battery foil sales volume in 2024 compared to the previous year, with expectations for continued growth in 2025. This performance stands out amidst a challenging period for the electric vehicle (EV) market, which saw many battery and material companies facing declining sales. Despite these market conditions, Solus maintained a factory operation rate exceeding 80%, highlighting its strong operational management and strategic planning.
The company entered the copper foil market in 2014 through its acquisition of Circuit Foil Luxembourg (CFL), a facility with technological expertise dating back to 1960. Building on CFL’s advanced capabilities, Solus established a battery foil production plant in Hungary under its subsidiary, Volta Energy Solutions Hungary, in 2020. That same year, it shipped its first batch of battery foil. In October 2023, the company began mass production at a second Hungarian plant, further enhancing its production capacity.
Solus has also benefited from China’s policy changes. The abolition of the 13% value-added tax refund for copper semi-finished product exports, effective December 1, 2023, has bolstered the company’s competitiveness in the global market. The new policy affects products such as solar panels, batteries, and other non-ferrous mineral products, providing a competitive edge to non-Chinese producers like Solus.
In a strategic move to tap into the North American market, Solus broke ground on a new battery foil plant in Quebec, Canada, in 2023. Operated by its subsidiary Volta Energy Solutions Canada, the facility marks Solus as the first battery foil material producer to establish a presence in North America. The plant is expected to significantly expand Solus’s supply capabilities to the region starting in 2025.
The combination of operational excellence, strategic expansion, and favorable policy shifts positions Solus Advanced Materials as a key player in the growing EV battery materials market.
