The European Commission has approved an investment aid to Hungary in the amount of 24 million euros to expand the production capacity of Volta Energy Solutions' plant for the production of copper foil for electric car batteries.
The project, which began in October 2020 and is scheduled for completion in 2022, is expected to create about 200 direct jobs. The new plant will more than double the current production capacity of the plant.
The Commission concluded that the positive impact of the project on regional development clearly outweighs any disruption to competition caused by government aid. According to European officials, the investment assistance will help create jobs, as well as economic development and increase the competitiveness of a disadvantaged region of Hungary.