On the 26th, Solus Advanced Materials jumped more than 12% on news that it signed a contract to supply about 20,000 tons (t) of battery foil to a Chinese battery maker.
As of 9:21 a.m. on the day, Solus Advanced Materials was trading at 9,000 won, up 1,000 won (12.5%) from the previous session on the Korea Exchange.
On the day, Solus Advanced Materials said it signed a contract to supply about 20,000 tons of battery foil to a top-10 global Chinese battery maker that is building a battery plant in Europe.
Earlier, Solus Advanced Materials set a goal early this year to secure eight suppliers, double from the previous year. With this contract, the company has secured a total of eight customers.
Solus Advanced Materials also suggested potential expansion in Europe. The company said, "Depending on the potential to expand to other projects within Europe, the total cumulative supply is expected to exceed 20,000 tons in the mid to long term."
Gwak Geun-man, CEO of Solus Advanced Materials, said, "Europe is rapidly reorganizing policy, demand, and regulation around electric vehicles, emerging as a key battleground in the global EV market," and added, "By building a diversified customer portfolio in the EV and ESS markets, we are improving both sales stability and the two pillars of profitability at the same time."