Solus Advanced Materials said on Friday that its elecfoil produced in its factory in Hungary has won quality approval from LG Energy Solution.
Mass production and supply will begin soon, Solus said.
In July 2019, the pair signed a elecfoil supply deal worth US$380 million. LG Energy sill receive elecfoils up to 2025 in Europe under the deal.
Solus said the approval secures a bridge for its to expand in the elecfoil market.
The company had secured a customer for 80% of the 1 metric tonne is planned to produce a year at is factory in Hungary before even construction began which proves its competence in winning orders, Solus said.
The Hungary factory will use Solu’s subsidiary Circuit Foil Luxembourg’s technology and production know-how.
Solus is planning a second factory at Hungary to add 15,000 metric tonnes per year in its production capacity. It is aiming to secure a production capacity of 75,000 metric tonnes in total by 2025.
Last month, LG Energy Solution bought 57.5 billion won worth of shares of Solus’ European company to ensure steady supply of elecfoils.