Doosan Solus secures Hungarian government incentive to boost copper foil production

By Lim Chang-won Posted : May 25, 2020, 10:39 Updated : May 25, 2020, 10:39

[Courtesy of Doosan Solus]

SEOUL -- Doosan Solus, an electronic component manufacturer in South Korea, has secured an incentive worth 34 billion won ($27.4 million) from the Hungarian government to boost the production of thin copper foils for electric vehicles.

Doosan Solus said that the incentive includes financial support and tax benefits needed to establish a mass production system at its plant in the Tatabanya industrial complex in Hungary. In March this year, the company secured a four-year deal worth 100 billion won to provide copper foils to an unspecified electric vehicle battery company from 2021.

Doosan Solus plans to increase the production of battery foils in Hungary to 75,000 tons by 2025. The company has developed high-end, efficient battery foil products since it acquired Circuit Foil based in Luxembourg in 2014.

"For each phase of future plant expansion, we expect various benefits from the Hungarian government such as cash support, the exemption of corporate taxes, increased transportation convenience for employees and the establishment of infrastructure," a Doosan Solus official said.
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