Doosan Corp., the holding company of Doosan Group, said on July 24 the construction of its battery cooper foil plant in Hungary has officially begun.
Doosan held a groundbreaking ceremony for the plant in Tatabanya Industrial Park in northwestern Hungary. The plant, which is expected to be completed by early next year, will produce 50,000 tons of battery copper foils a year, enough for batteries for about 2.2 million electric vehicles.
The plant will make Doosan the sole supplier of battery copper foil in Europe.
The company said it decided to set up a production facility in Hungary to meet growing demand for battery copper foil on the continent. According to market tracker SNE Research, the battery foil market is projected to grow to 975,000 tons in 2025 from 75,000 tons in 2018.
Doosan entered the market in 2014 after acquiring Circuit Foil Luxembourg, a global supplier of cooper foils.
By Ram Garikipati and newswires (firstname.lastname@example.org)