By Lee Dong-in and Minu Kim
Korea’s Doosan Corp. said on Monday that it is on track to build a plant in Hungary to produce battery copper foil, a key component of electric vehicle batteries.
The plant to be located in Tatabanya Industrial Park in Hungary will have an annual production capacity of 50,000 tons of battery copper foil, enough for batteries to power 2.2 million EVs. Construction will begin this year and be complete by the second half of 2019.
A copper foil covers the cathode of a secondary battery, serving as a path through which electrons generated from cathode active materials (which are involved in electrode reaction of a battery) travel. It also plays the role of supporting the shape of the electrode while releasing the heat generated from the inside to the outside.
“The plant will make Doosan the sole supplier of battery copper foil in Europe, better positioning the company to expand to the U.S. and China in the future,” said a company spokesperson.
According to market research firm SNE Research, demand for copper foils is projected to grow at an average annual rate of 44 percent from 75,000 tons in 2018 to 975,000 tons in 2025. In 2014, Doosan Corp. acquired Circuit Foil Luxembourg to access patented copper foil technology.
On Monday, shares of Doosan Corp. closed down 3.94 percent at 99,900 won ($89.24) from the previous session.