Hungary’s €24 million funding assist to Volta Energy Solutions for the extension of a battery copper foil plant within the Hungarian area of Kozep-Dunantul in Central Transdanubia complies with EU State assist rules, the European Commission mentioned on January 7, including that the help will contribute to the event of the area, while preserving competitors.
Volta Energy Solutions, beforehand Doosan Energy Solution, is a subsidiary of Solus Advanced Materials, a big Korean firm, which produces copper foil, show supplies, and biomaterials.
According to the Commission, the €24 million Hungarian funding assist will assist Volta Energy Solutions’ €206 million funding within the extension of its battery copper foil manufacturing plant in Kornye, located within the Hungarian area of Kozep-Dunantul in Central Transdanubi. Copper foil is mostly used to fabricate batteries, and the copper foil manufactured on this plant shall be particularly used for batteries for electrical automobiles.
The venture, which began in October 2020 and is deliberate to be accomplished in 2022, is predicted to create nearly 200 direct jobs. The new unit will greater than double the present manufacturing capability of the plant.
The manufacturing plant is positioned within the Kozep-Dunantul area – an space eligible for EU regional assist, the Commission mentioned.
After assessing the help measure, the Commission discovered that the funding assist will contribute to job creation in addition to to the financial growth and to the competitiveness of a deprived area.
Moreover, the Commission discovered that within the absence of the general public funding, the venture would have been carried out exterior the European Economic Area (EEA).
Finally, the Commission accessed that the help is restricted to the minimal essential to set off the funding in Hungary, quite than exterior the EEA and complies with all assist depth necessities, additionally contemplating the help which Hungary granted to the corporate for a similar plant in 2018 underneath the General Block Exemption Regulation.
On this foundation, the Commission mentioned the optimistic results of the venture on regional growth clearly outweigh any distortion of competitors caused by the State assist. Therefore, it authorised the measure underneath EU State assist rules.