SEOUL, Nov. 21 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Thursday it has signed an initial agreement with U.S. energy giant Exxon Mobil Corp. to get a supply of up to 100,000 tons of lithium carbonate, a key material for creating cathodes for batteries. Under the memorandum of understanding, Exxon [...]
SEOUL, Nov. 19 (Korea Bizwire) – Hyundai Mobis Co., South Korea’s leading auto parts maker, on Tuesday outlined its value-up program focusing on profitability and technological prowess amid a slowdown in electric vehicle (EV) sales. Hyundai Mobis aims to report an annual average of 5-6 percent in its operating profit margin in the three years through [...]
SEOUL, Nov. 18 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Monday it has signed an initial pact with U.S.-based Bear Robotics to become its sole supplier of cylindrical batteries. LGES signed a memorandum of understanding with the Silicon Valley-based artificial intelligence autonomous service robot company to supply its [...]
SEOUL, Nov. 18 (Korea Bizwire) – The government has designated Korea Zinc Co.’s high-nickel precursor manufacturing technology as a national core technology amid a tussle for control of the world’s biggest refined zinc producer, according to the company Monday. Korea Zinc has been in a monthslong battle to fend off a takeover bid by its [...]
SEOUL, Nov. 15 (Korea Bizwire) – South Korean battery stocks plunged Friday on reports that President-elect Donald Trump’s transition team plans to scrap the US$7,500 tax credit for EV purchases as part of broader tax legislation. Trump campaigned on ending the consumer tax credit, a key part of President Joe Biden’s Inflation Reduction Act (IRA). [...]
SEOUL, Nov. 15 (Korea Bizwire) — Samsung Engineers & AHEAD (Samsung E&A), formerly Samsung Engineering Co., said Friday it has received a 301.9 billion-won (US$215 million) deal to build a petrochemical plant in Qatar. Samsung E&A has set up a joint firm with Taiwan’s engineering services provider CTCI Corp. to obtain the deal from Ras [...]
SEOUL, Nov. 14 (Korea Bizwire) — South Korea has kicked off a new energy storage facility in the southeastern port city of Ulsan, which will serve as a key energy hub for the country, the industry ministry said Thursday. The Korea Energy Terminal, located 308 kilometers south of Seoul, has begun its commercial operation with [...]
SEOUL, Nov. 14 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Thursday its U.S. unit has signed a long-term deal to supply energy storage systems (ESS) for a local renewables developer. LG Energy Solution Vertech, Inc. will supply 8-gigawatt-hour (GWh) ESS systems to U.S. renewable energy firm Terra-Gen Power [...]
SEOUL, Nov. 12 (Korea Bizwire) — Hyundai Motor Co. on Tuesday forged a partnership with the Ulsan metropolitan city to cooperate in establishing an overall municipal ecosystem based on clean hydrogen energy within the industrial city in South Korea’s southeast. Under their memorandum of understanding, Hyundai and the city government will collaborate in developing and [...]
SEOUL, Nov. 9 (Korea Bizwire) – South Korea plans to cut 1.6 million tons of greenhouse gas emissions each year from 2030 by utilizing cattle feces as a new source of energy, the government said Friday. Under the project, Korea Southern Power Co. will build related facilities and generate power, daily using 4,000 tons of [...]