Lotte signs MOU for Spanish copper foil facility

Lotte Energy Materials signed an MOU with the Spanish city of Mont-roig del Camp and Catalonia Trade & Investment, or Accio, for its 560-billion-won ($424 million) project to build a battery component plant in the European country.

Fran Morancho López, left, mayor of Mont-roig del Camp in Spain, and Lotte Energy Materials CEO Kim Yeon-seop pose for a photo during an agreement signing ceremony held in southern Seoul on Wednesday. [LOTTE ENERGY MATERIALS]

Lotte Energy Materials signed a memorandum of understanding with the Spanish city of Mont-roig del Camp and Catalonia Trade & Investment, or Accio, for its 560-billion-won ($424 million) project to build a battery component plant in the European country.

The latest agreement aims to speed up the project's administrative process for licensing and approvals. Lotte Energy Materials said that it also discussed additional measures for cooperation, including government incentive programs.

Lotte Energy Materials announced its plan to build the 440,400-square-meter (108.8-acre) high-end copper foil factory with an annual capacity of 30,000 tons in Spain on Aug. 7. Commercial operations will begin in 2025.

Copper foil is a core component in producing anodes, which are used in lithium-ion batteries for electric vehicles.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]