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Volkswagen ‘to buy EUR20bn of batteries from Asia’

Wed, 05/09/2018 - 09:51 -- Xuan Zhong
Volkswagen ‘to buy EUR20bn of batteries from Asia’

Volkswagen has reportedly earmarked EUR20 billion ($25bn) to buy in lithium batteries for its electric vehicle business from China’s CATL, South Korea’s LG Chem and Samsung SDI.

China’s state Xinhua News Agency said the move was agreed by VW at its annual general meeting in Berlin— although BBB could not independently confirm the report.

 

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Huayou partners with LG Chem as China-South Korea ‘battery wars’ thaw continues

Mon, 04/16/2018 - 10:19 -- Xuan Zhong
Huayou partners with LG Chem as China-South Korea ‘battery wars’ thaw continues

Another Chinese-South Korea investment deal has been done to produce lithium battery materials in China— in the latest sign of a thaw in economic tensions between the countries.

Chinese mining company Zhejiang Huayou Cobalt said its subsidiary, Huayou New Energy Technology, has signed a deal with South Korea’s LG Chem to launch two new joint venture companies at a total investment of some $645.6 million.

 

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LG Chem to design “unique” NMC battery for Mahindra

Mon, 03/12/2018 - 12:56 -- Xuan Zhong
LG Chem to design “unique” NMC battery for Mahindra

South Korean battery giant LG Chem is to work with Indian car multinational Mahindra & Mahindra to develop a “unique” NMC (nickel-manganese-cobalt) battery for electric vehicles made in India.

Under the partnership, LG Chem will design and supply its newly-developed NMC technology for the Mahindra and SsangYong series of EV— lithium-ion modules for Mahindra Electric’s vehicles— and create battery packs for the Mahindra group and other customers.

 

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Poland agrees ‘record’ grant for LG Chem battery project

Mon, 03/12/2018 - 12:19 -- John Shepherd
Poland agrees ‘record’ grant for LG Chem battery project

Poland is to ‘sweeten’ a deal with South Korea’s LG Chem to build a major batteries production plant in the country for electric vehicles— with a grant reportedly worth more than $70 million, BBB can reveal.

A spokesperson for Poland’s entrepreneurship and technology ministry told BBB a contract for the grant would be signed soon, but declined to say whether the cash had been part of the agreement, announced in 2016, for LG Chem to set up the plant.

 

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Wärtsilä adds to Massachusetts battery power target

Mon, 02/19/2018 - 12:03 -- John Shepherd
Wärtsilä adds to Massachusetts battery power target

A subsidiary of Finland’s Wärtsilä Corporation is to install an “advanced energy storage system” to support grid power delivery in the US state of Massachusetts.

US-based Greensmith Energy Storage Technology has been selected to provide the 1 MW/2MWh battery system, which uses LG Chem batteries and Sungrow inverters, to utility Origis Energy USA.

 

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Korea plea to China over battery subsidies

Mon, 02/12/2018 - 10:29 -- John Shepherd
Korea plea to China over battery subsidies

Seoul has confirmed it is in direct talks with China aimed at patching up a trade row that led Beijing to slap sanctions on the use of South Korean batteries.

As BBB reported last week, signs that the two countries were attempting to bury the batteries hatchet emerged as South Korean and Chinese firms formed two joint ventures to produce lithium-ion battery materials from bases in China.

 

 

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LG Chem ‘buys stake in nickel sulfate supplier’

Thu, 11/16/2017 - 10:56 -- Xuan Zhong
LG Chem ‘buys stake in nickel sulfate supplier’

LG Chem has reportedly invested KRW1 billion ($897,000) to acquire a 10% stake in South Korean nickel sulfate supplier company Kemco, with the aim of boosting its lithium-ion battery business for the electric vehicles market.

The South Korean tech firm will enter the batteries raw material business in the new year, the Maeil Business Newspaperquoted an unnamed LG Chem source as saying.

 
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AES to build Hawaiian solar-storage facility

Thu, 11/02/2017 - 10:50 -- Xuan Zhong
AES to build Hawaiian solar-storage facility

Work has started on a major solar and battery storage project on the Hawaiian island of Kauai.

AES Distributed Energy Inc., part of the US-based AES Corporation, is building the 20MW “five-hour duration” storage system on the island— together with a 28MW Oasis solar system from Silicon Valley-based SunPower Corp.

 

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Batteries plan to “alleviate” Fukushima grid challenges

Thu, 10/26/2017 - 10:42 -- News Editor
Batteries plan to “alleviate” Fukushima grid challenges

Japan’s IHI Corporation has unveiled plans to launch a lithium battery storage project in the country’s Fukushima Prefecture.

IHI said the 500kW, 2.5MWh storage facility, incorporating LG Chem Li-ion battery racks, will be developed by US-based subsidiary IHI Energy Storage.

 

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South Korea plans Li-on push in face of China sanctions

Mon, 09/18/2017 - 11:46 -- News Editor
South Korea plans Li-on push in face of China sanctions

South Korea is backing plans by the country’s battery giants to inject a total of KRW2.3 trillion ($2.3 billion) into the sector over the next three years, to expand production and challenge China’s increasing dominance of the market.

The move, led by battery giants LG Chem, Samsung SDI and SK Innovation Companies is in response to Chinese sanctions the firms say effectively block the use of South Korean batteries in electric vehicles in China.

 

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