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.
Incentives to encouraging solar power plant operators to use more battery energy storage systems (ESS) are being made available by South Korea’s government.
The government’s decision to provide incentives form part of its efforts to boost the country’s renewable energy market, according to Yonhap news agency.
Two firms are joining forces to build a lithium-ion cathode plant in South Korea to fuel the expected lithium battery demand for the electric vehicle market.
South Korean battery materials firm Ecopro has entered into a joint venture with the Chinese resources recycling company GEM to produce cathode materials in Pohang, South Korea.
South Korean firm Kokam’s lithium nickel manganese cobalt batteries were at the heart of record-breaking journey around the world.
Battery powered Solar Impulse 2 was the first plane to circumnavigate the globe using just solar power when it completed its journey last month.