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Battery Industry Charges Ahead: Breakthroughs Aim to Slash Electric Vehicle Charging Time

Battery Industry Charges Ahead: Breakthroughs Aim to Slash Electric Vehicle Charging Time

SEOUL, Mar. 12 (Korea Bizwire) – In a race against time, the battery sector is making strides towards developing technology that could dramatically speed up the charging process for electric vehicle (EV) batteries. The current benchmark to charge an EV battery to 80% capacity takes anywhere from 30 minutes to an hour, but the goal now [...]

South Korean Geoscience Institute Discovers Lithium Deposit in Kazakhstan

South Korean Geoscience Institute Discovers Lithium Deposit in Kazakhstan

SEOUL, March 5 (Korea Bizwire) –A South Korean geoscience research institute said Tuesday it found a lithium deposit in Kazakhstan last year and plans to push for its development. The deposit was found in a 1.6 kilometer-square area of pegmatites in eastern Kazakhstan, where tantalum was mined in the past, the Korea Institute of Geoscience [...]

Anticipated Surge in Demand for Essential Minerals Amid Electric Car and Wind Power Industry Growth

Anticipated Surge in Demand for Essential Minerals Amid Electric Car and Wind Power Industry Growth

SEOUL, March 3 (Korea Bizwire) – South Korea’s demand for key minerals is expected to jump up to nineteenfold from 2021 by 2040 due to expansion in the electric car and wind power industries, a report showed Sunday. The demand for lithium, nickel, manganese and cobalt, essential for electric car batteries, will be up by [...]

SK On Introduces Virtual Stock Incentive to Boost Employee Morale and Retention Amid Financial Challenges

SK On Introduces Virtual Stock Incentive to Boost Employee Morale and Retention Amid Financial Challenges

SEOUL, Feb. 22 (Korea Bizwire) –SK On, a relative newcomer in the battery industry, has announced a novel approach to employee compensation by offering virtual stocks to employees equivalent to 30% of their annual salaries. This move comes in the wake of the company facing a challenging financial year with zero performance bonuses allocated, stirring [...]

LG Energy Solution Signs Battery Material Deal with Australian Firm

LG Energy Solution Signs Battery Material Deal with Australian Firm

SEOUL, Feb. 14 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Tuesday it has signed a deal to receive a key battery material from an Australian company. Under the one-year deal with Wesfarmers Chemicals, Energy & Fertilisers (WesCEF), LGES will receive 85,000 tons of lithium spodumene concentrate, which can [...]

Global Battery Market Navigates ‘Chasm’ Amid High Interest Rates and EV Challenges

Global Battery Market Navigates ‘Chasm’ Amid High Interest Rates and EV Challenges

SEOUL, Feb. 13 (Korea Bizwire) – The global battery market is currently navigating a ‘chasm’, a concept introduced by business consultant Geoffrey Moore, which represents a temporary stagnation or decline in demand as cutting-edge technology products transition from early adopters to mainstream markets. This situation is exacerbated by high global interest rates, reductions in electric vehicle [...]

Major Corporate Groups Expand in Advanced Industries, Adjust Real Estate Holdings

Major Corporate Groups Expand in Advanced Industries, Adjust Real Estate Holdings

SEJONG, Feb. 7 (Korea Bizwire) – Over the past three months, large corporate groups in South Korea, each with assets exceeding 5 trillion won, have been active in expanding their presence in advanced industries, acquiring or establishing eight companies in sectors such as semiconductors and secondary batteries.  The real estate development and construction sectors also saw [...]

General Motors CEO Set to Visit Seoul for Discussions with South Korean Battery Firm CEOs, Sources Say

General Motors CEO Set to Visit Seoul for Discussions with South Korean Battery Firm CEOs, Sources Say

SEOUL, Feb. 6 (Korea Bizwire) – General Motors CEO Mary Barra will visit Seoul this week to meet with leaders of major South Korean battery makers, industry sources said Tuesday. Barra plans to fly into Seoul on Wednesday to meet with Kim Dong-myung, president of LG Energy Solution Ltd. (LGES), and Choi Yoon-ho, CEO of [...]

LG Energy Solution Employees Protest Bonus Cuts as Demand for EVs Wanes

LG Energy Solution Employees Protest Bonus Cuts as Demand for EVs Wanes

SEOUL, Feb. 6 (Korea Bizwire) – A number of employees from LG Energy Solution have launched a protest demanding improvements to the bonus system following the company’s decision to significantly reduce this year’s bonuses due to a slowdown in demand for electric vehicles. From February 5 to 29, approximately 1,700 LG Energy Solution employees, through anonymous [...]