Three South Korean battery giants have signed up to an agreement to support the launch of a government-backed “next-generation batteries investment fund”.
Samsung SDI, LG Chem and SK Innovation have signed a memorandum of understanding (MOU) to support the KRW1 billion (US$885,000) fund, the Ministry of Commerce, Industry and Energy (MOCIE) said.
The signing comes a year after South Korea’s government said it would support plans to expand domestic battery production and challenge China’s increasing dominance of the global market.
