(Yicai Global) May 18 -- Nuode New Materials, China’s leading supplier of copper foil products, plans to invest EUR500 million (USD553 million) to build a plant in Belgium to better serve overseas clients that make power batteries.

Nuode signed a memorandum of cooperation with Belgium’s Wallonia Foreign Trade and Investment Agency on May 15 to build a base to research, develop, and make copper foil and related products, the Shenzhen-based firm said yesterday. The plant will have an annual capacity of 30,000 metric tons.

The investment in Wallonia can help Nuode enter the local battery industry and enhance its brand image in the international market and the stickiness of overseas customers, the company added.

Nuode has an annual production capacity of 55,000 mt, with an additional 50,000 mt to be added this year. Its core product are ultra-thin foils with a thickness of between 3.5 microns to 8 microns that are suitable for making power batteries.

Domestic and overseas lithium battery producers such as Contemporary Amperex Technology, BYD, LG New Energy, and Panasonic are among Nuode’s top clients, according to its annual earnings report for 2022.

The overseas investment plan did not boost Nuode’s shares [SHA: 600110] today. It was traded in narrow range and closed at CNY7.29 (USD1.06), down 0.1 percent.

Editor: Futura Costaglione