Solus Advanced Materials, a Korean company developing technology for the electric vehicle and display industries, is entering the North American market via Quebec.
Granby-based Volta Energy Solutions Canada, a subsidiary of Solus, is set to receive CAD$194 million of “Supply Chain Resilience Fund” capital to support the construction of battery copper foil production facility in Quebec.
Including loans from Export Development Canada and others, Volta has raised more than $400M to advance clean energy applications of copper.
Copper, a key raw material for battery copper foil, was recently designated as a strategic or critical material in multiple major countries, including Canada.
“Amid a challenging investment environment, it is highly meaningful that we have secured a stable foundation for entering the North American market,” stated a spokesperson from VESC, “thanks to the full trust and support of the Korean government and major government-backed financial institutions, including the Export-Import Bank of Korea, the Korea Trade Insurance Corporation, the Korea Development Bank, and Export Development Canada.”
The Canadian production facility is expected to begin operations after completion in the second half of 2026, with capacity starting at 25,000 tonnes per year. Mass production levels are anticipated in 2027.
“Based on our high value-added products and technological competitiveness, we will strengthen our competitiveness in major global markets and contribute to stabilizing the supply chain of the North American electric vehicle industry,” stated the VESC spokesperson.
As battery companies increasingly recognizing the need to secure stable local suppliers to mitigate supply chain risks, and amid a surge in demand for Energy Storage Systems, VESC’s plant is a strategic production base suited to this market environment, according to a statement.
The Supply Chain Resilience Fund, launched in 2024 as part of Korea’s “Framework Act on Supply Chain Resilience Support for Economic Security,” is managed by the Export-Import Bank of Korea.