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LG Energy Solution to Supply Battery Modules for Heavy Duty EVs to Freudenberg

LG Energy Solution to Supply Battery Modules for Heavy Duty EVs to Freudenberg

SEOUL, Feb. 2 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Thursday it has signed a long-term agreement to supply battery modules for heavy-duty electric vehicles (EVs) to a U.S.-based power system provider. LGES will supply 19 gigawatt-hour battery modules to Freudenberg E-Power Systems (FEPS), a Michigan-based developer of battery packs for heavy-duty EVs, [...]

POSCO Chemical Breaks Ground on 10,000-ton Anode Material Plant in Pohang

POSCO Chemical Breaks Ground on 10,000-ton Anode Material Plant in Pohang

SEOUL, Feb. 1 (Korea Bizwire) — POSCO Chemical Co., a South Korean manufacturer of industrial materials, said Wednesday it has begun construction of its second factory for synthetic graphite anode materials in the country’s southeast. POSCO Chemical broke ground on the plant at its key manufacturing complex in Pohang, 272 kilometers southeast of Seoul, on [...]

LG Chem’s 2022 Profit Sinks 40 pct on Weak Petrochemical Demand

LG Chem’s 2022 Profit Sinks 40 pct on Weak Petrochemical Demand

SEOUL, Jan. 31 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemicals producer, saw its profit shrink 40.4 percent in 2022 from a year earlier due mainly to sluggish petrochemical demand. Operating income reached 2.99 trillion won (US$2.43 billion) in the January-December period, compared with 5.02 trillion won logged the previous year, the company [...]

POSCO International to Expand Domestic LNG Terminals to Boost Energy Biz

POSCO International to Expand Domestic LNG Terminals to Boost Energy Biz

SEOUL, Jan. 31 (Korea Bizwire) — POSCO International Corp. said Tuesday it will spend 930 billion won (US$756 million) to build two more liquefied natural gas (LNG) terminals in South Korea as it seeks to bolster its energy business. POSCO International broke ground on the Second Gwangyang LNG Terminal earlier in the day, the general [...]

Hanwha Solutions to Create Fund to Develop Renewable Energy Data Centers

Hanwha Solutions to Create Fund to Develop Renewable Energy Data Centers

SEOUL, Jan. 31 (Korea Bizwire) — Hanwha Solutions Corp., a key energy unit of South Korea’s Hanwha Group, plans to create a fund to expand its domestic renewable energy-related data center development venture. The company announced on Monday that it had signed a memorandum of understanding (MOU) with SKS Credit Co., a local private equity [...]

POSCO Chemical Signs US$33 bln Deal to Supply Cathode Materials to Samsung SDI

POSCO Chemical Signs US$33 bln Deal to Supply Cathode Materials to Samsung SDI

SEOUL, Jan. 30 (Korea Bizwire) — POSCO Chemical Co. said Monday it has signed a largest-ever long-term contract to supply a key component used in electric vehicle (EV) battery cells to Samsung SDI Co. POSCO Chemical will supply high-nickel cathodes, consisting of lithium, nickel, cobalt and aluminum, to Samsung SDI, for a 10-year period starting [...]

Samsung SDI Posts Record Profit in 2022 on Strong EV battery Demand

Samsung SDI Posts Record Profit in 2022 on Strong EV battery Demand

SEOUL, Jan. 30 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Monday it posted record-high profit in 2022, driven by solid demand for electric vehicle (EV) batteries and energy storage systems (ESS). Operating income reached 1.8 trillion won (US$1.46 billion) last year, up 69.4 percent from the previous year’s 1.06 trillion won, [...]

S. Korean Oil Refiners’ Exports Hit Fresh High in 2022

S. Korean Oil Refiners’ Exports Hit Fresh High in 2022

SEOUL, Jan. 29 (Korea Bizwire) — South Korean oil refiners’ exports hit a record-high level in 2022, data showed Sunday, on the back of soaring global energy prices amid the protracted war between Russia and Ukraine. The combined exports of local oil refiners reached US$57 billion in 2022, up 71.2 percent from a year earlier, [...]