$416M secured for battery copper foil plant in Quebec

Key Takeaways:

• Volta Energy Solutions Canada has secured about $416 million in total financing, including support from the South Korean government and major Korean and Canadian financial institutions, strengthening its entry into the North American market.
• The Granby, Que. battery copper foil facility is under construction and scheduled for completion in the second half of 2026, with mass production expected to begin in 2027, supporting EV supply chain resilience and regional regulatory requirements.
• The plant will begin with 25,000 tonnes per year of capacity, expandable to 63,000 tonnes, and is expected to benefit from rising demand for energy storage systems, which could grow to around 20% of battery copper foil revenue next year.

The Whole Story:

Volta Energy Solutions Canada (VESC) has secured approximately $416 million in total financing to support the construction of its battery copper foil production facility in Granby, Que.

The funding includes $194 million from the South Korean government’s Supply Chain Resilience Fund. VESC, a subsidiary of Korea-based Solus Advanced Materials, was selected for the program by the Korean Ministry of Economy and Finance to support the stable procurement of key materials for the electric vehicle industry.

The total financing package of $416 million was reached through a syndicated loan involving the Export-Import Bank of Korea and the Korea Development Bank, combined with existing support from the Korea Trade Insurance Corporation and Export Development Canada.

The production facility is currently under construction and is scheduled for completion in the second half of 2026. Initial production capacity is set at 25,000 tons per year, with plans to expand to a maximum of 63,000 tons depending on market demand. Mass production is expected to begin in 2027.

“Amid a challenging investment environment, it is highly meaningful that we have secured a stable foundation for entering the North American market, thanks to the full trust and support of the Korean government and major government-backed financial institutions,” a VESC official said in a news release.

The official added that the company intends to “strengthen our competitiveness in major global markets and contribute to stabilizing the supply chain of the North American electric vehicle industry.”

Solus Advanced Materials broke ground on the Granby plant in 2022, marking the first Korean company in its sector to enter the North American market. The facility is positioned to respond to regional supply chain regulations and the increasing designation of copper as a strategic material in North America.

The company also expects the facility to benefit from rising demand for Energy Storage Systems (ESS). VESC projects that ESS-related sales will rise from less than 5% of its total battery copper foil revenue to approximately 20% next year.