Doosan “Selling battery foil arm”

Doosan Group is planning to sell its stake in material solutions company Doosan Solus whose products include copper foil for electric vehicle lithium-ion batteries, reports claim.

According to industry sources Doosan Group is negotiating with Korean private equity fund SkyLake Investment on handing over all of its 61% stake in  Doosan Solus for between $495 million and $660 million “to secure liquidity to rescue debt-ridden Doosan Heavy Industries & Construction”, following a loan from Korea Development Bank and the Export-Import Bank of Korea, The Korea Herald reported.

Dosan Solus was established in October as a spinoff from Doosan Corporation. Just nine months ago Doosan Corporation held the ground-breaking ceremony for its battery foil plant in Hungary at the Tatabánya Industrial Complex, pictured.

Doosan said the planned 144,000m² facility is Europe’s only battery foil plant and is expected to produce 50,000 tons of battery foils, enough for 2.2 million electric vehicles, per year when operational.