Solus signs incentive agreement with Quebec

Solus Advanced Materials, a South Korean copper foil supplier, said on Friday that its overseas subsidiary Volta Energy Solutions Canada signed an incentive agreement with Investissement Québec, under the province of Quebec, for a project to build Canada's first copper foil plant for electric vehicle (EV) batteries.

Previously, the Quebec government had pledged an incentive package worth 150 million Canadian dollars ($110.7 million) when Solus Advanced Materials began constructing the copper foil plant in September last year.

Both sides have completed negotiations on an interest-free loan and reached a final agreement.

Further financial support programs, such as tax credits and workforce training programs, are still under discussion.

Solus Advanced Materials' new copper foil plant in the Granby region of Quebec will be its second overseas production base, following one in Hungary.

With the incentive support securing key investment resources, Solus plans to accelerate the construction of its Canadian plant.

The Quebec copper foil plant, currently under smooth construction, is expected to begin mass production in 2026, starting with an annual capacity of 25,000 tons and eventually ramping up to a total production capacity of 63,000 tons.

Meanwhile, Solus Advanced Materials is set to enter further incentive negotiations with the Canadian federal government later this year.

Write to Woo-Sub Kim at duter@hankyung.com