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.
Europe’s first commercial battery storage park has tripled in size to a capacity of 15 MWh, German energy storage systems developer Younicos has announced.
Younicos, which installed the first-phase Schwerin 1 lithium-ion battery plant at Schwerin-Lankow in Germany in 2014, said the second phase of the project – Schwerin 2 – has expanded the facility from the 5 MWh originally available on commissioning of the site in 2014.
South Korean battery maker Samsung SDI claims to have developed lithium-ion technology that pushes the boundaries of what electric vehicles can do.
The prismatic cell will help EVs reach a 600km (372miles) driving range, or 500km (310miles) on a single 20 minute charge (taking the battery up to 80% capacity), according to the company.
Two Korean battery makers face further losses after cars using their lithium technology had their certification cancelled in China.
It comes after Samsung SDI and LG Chem both failed to meet the government’s standards for electric car batteries last year.
Battery maker Samsung SDI has begun construction of its lithium-ion plant in Hungary to supply the European electric vehicle market.
The South Korean firm new facility in Hungary will enable it to establish a triangular production structure along with existing plants in Ulsan, Korea and Xian, China.