Gränges, an aluminum technology company, planned to invest SEK 600 million (US$58 million) to increase the capacity for battery cathode foil production in Finspång, Sweden.

Gränges targeted to increase its market share in the rapidly growing demand for batteries and electrification components in North America and Europe. The company said it expects annual growth in demand for battery cathode foil to be around 25% in the next few years.

Gränges believes that they have unique and unmatched advantages. Their global layout and regional influence, as well as technology accumulation and experience, are expected to occupy a position in battery components.