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Battery giants back Korean R&D investment fund

Wed, 12/19/2018 - 00:00 -- John Shepherd
Yunmo Sung

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.

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