DFF - Solus



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

23 Nov 2021



PSD disclosed:

24 Nov 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The provision of a long-term loan of up to € 25 million equivalent (in US dollars) to Volta Energy Solutions Hungary Kft, a majority owned subsidiary of Solus Advanced Materials Co, LTD, for the construction of a ultra-thin copper foil factory for electric vehicle (EV) batteries in Tatabanya, Hungary.

Project Objectives

 The Project supports Solus Advanced Materials' investment plan to construct an ultra-thin EV battery copper foil factory in Hungary in order to supply major EV battery producers in Europe.

Transition Impact

ETI score: 63

The transition impact of the proposed project will be derived from Green and Competitive quality. 

The Project will contribute to the circular economy of the EV battery sector, as it relies 100 per cent on scrap copper.  The Project is Paris Aligned and meets the EU Taxonomy requirements under category Manufacture of batteries [and respective components] and the EU Circular Economy Classification. 

The project also supports a foreign direct investment of substantial size. 

Client Information


Volta Energy Solutions Hungary is owned by Solus Advanced Materials of South Korea, one of the global leading ultra-thin EV battery copper foil producers.

EBRD Finance Summary

USD 28,000,000.00

Total Project Cost

USD 463,000,000.00


1. Financing structure: the EBRD is offering a tenor, which is longer than available to the client in the market on reasonable terms and conditions.

2. Standard-setting: Client seeks/makes use of the EBRD expertise on higher environmental standards.

Environmental and Social Summary

Categorised B (2019 ESP). The Environmental and Social Due Diligence (ESDD) concluded that the environmental and social (E&S) impacts associated with the Project are site specific, and readily identified and addressed through established mitigation measures. The Bank Project is the expansion of an existing copper foil manufacturing plant located in the industrial zone in Kornye, 70 km West of Budapest within the boundaries of the existing copper foil manufacturing plant. The plant will supply copper foil to the Electrical Vehicle batteries.

The screening for the project decision issued by local Environmental Protection Authority under the EU EIA Directive and based on the preliminary environmental examination in accordance with the relevant Hungarian legislation, concluded that full EIA is not required. The Bank has undertaken an independent ESDD of the Project inclusive of on-site visits, review of documents and meetings with local regulators.

The ESDD confirmed that the Company operates in compliance with National and EU environmental legislation. An ISO 14001 compliant Environmental Management System and an ISO 45001 compliant Occupational Health & Safety Management System is being developed and adopted and the Integrated Management System (with systems certification planned by the end of 2021) and the Company has the capacity to fully implement the Bank's PRs.

An ESAP has been developed and agreed with the Company to further strengthen the E&S management of the operations and thus includes among others the need for higher ESG and climate reporting in line with EU requirements such as the forthcoming EU Corporate Sustainability Reporting Directive (CSRD). The ESAP also includes further strengthening of the EHS (including certification to ISO 14001 and ISO 45001) and quality management systems (certification to IATF 16949, International Automotive Task Force standard for supply chain for the automotive sector); additional life cycle analysis; as well as the strengthening of HR policies to include adoption of a collective agreement and a contractor management plan.

The ESDD also confirmed that the Project is Paris Aligned and meets the EU Taxonomy requirements under category Manufacture of Batteries (and respective components) and will rely on 100 per cent scrap copper (both from end-of-life/recycled and industrial waste), thus following the EU Circular Economy objective. A Non-Technical Summary (NTS) is available for the Project.

Technical Cooperation and Grant Financing


Company Contact Information

James Hyun
+36 34 520 053
2851 Környe, Han folyó utca 1., Hungary

Implementation summary

PSD last updated

24 Nov 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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