Posco International will supply battery materials worth $4.42 billion to Lotte Energy Materials, including 600,000 tons of copper foil raw materials until 2033. The global copper foil market is expected to triple by 2025 due to a rise in EV adoption.
Lotte Energy Materials signed an MOU with the Spanish city of Mont-roig del Camp and Catalonia Trade & Investment, or Accio, for its 560-billion-won ($424 million) project to build a battery component plant in the European country.
Lotte Energy Materials will invest 560 billion won ($431 million) to build a high-end copper foil factory in Spain, with mass production slated to begin in 2025.
Copper foil manufacturer Lotte Energy Materials plans to work through 15 trillion won ($11.5 billion) of orders booked this year as it takes advantage of the growing demand for electric cars.
Iljin Materials, a copper foil manufacturer, rebranded itself as Lotte Energy Materials, as Lotte Chemical finalized the acquisition of the company Tuesday.
Korea JoongAng Daily Sitemap
