South Korean battery foil maker Doosan Solus said Tuesday it has officially changed its name to Solus Advanced Materials after breaking away from Doosan Group on Monday.

In a board meeting, directors of the former Doosan company also endorsed the appointment of SkyLake Equity Partners Chairman Chin Dae-jae as its CEO. Along with incumbent CEO Lee Yoon-seok, the company will be run by two independent CEOs.

SkyLake, a private equity fund, is Solus Advanced Materials‘ largest shareholder, having taken over 52.93 percent of shares in the firm from Doosan Corp. for 698 billion won ($637.5 million). The equity transaction was completed Monday.

In their joint statement, Chin and Lee pledged to grow the company to reach 2 trillion won in revenue by 2025.

“Solus Advanced Materials, which is the sole manufacturer of copper foils for electric vehicle in batteries in Europe, will ramp up the annual production capacity of its cooper foil plant in Hungary to 7.5 million metric tons by 2025,” a company official said.

By Kim Byung-wook (kbw@heraldcorp.com)