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.
Under the terms of the MOU, the battery companies “will jointly promote R&D into next-generation battery core technology”, the ministry said.
The formation of the fund will be completed in the first quarter of 2019 and support development of battery materials, manufacturing processes and equipment technology, MOCIE said.
Joint R&D activities will include “all solid-state cells, lithium-metal and lithium-sulfur batteries”. Work under the agreement is also expected to “review and promote early commercialisation using core technology”.
MOCIE minister Sung Yun-mo (pictured) said the initiative was designed to tap into and nurture a “high-growth industry” that is “a game-changer for the new energy industry such as electric cars and energy storage systems”.
Sung said competition for developing “safer, longer range and less expensive mid- to large-sized batteries for electric vehicles is fiercely competitive”. “I hope that Korea will take the lead in the electric car market.”
