SEOUL, April 25 (Korea Bizwire) — LG Energy Solution Ltd. said Tuesday it is investing 600 billion won (US$450 million) to build a “mother” production line in its main battery manufacturing complex in the country’s south, as it ramps up production capabilities to meet surging global demand. The mother production line will serve as a [...]
SEOUL, April 24 (Korea Bizwire) — POSCO Future M Co., a major South Korean battery components maker, said Monday it will build a new high-nickel cathode plant in the country’s southeast to meet growing global demand. The company said its board approved a plan to spend 614.8 billion won (US$461 million) for a nickel, cobalt, [...]
SEOUL, April 23 (Korea Bizwire) — SK On, a global battery manufacturer, has won a bronze award at the 2023 Edison Awards for its NCM9 battery, the first time a battery manufacturer has won the prize. The NCM9 battery is a high-nickel battery with a nickel content of about 90%, which SK On developed in [...]
SEOUL, April 20 (Korea Bizwire) — Most of the electric vehicles that qualify for subsidies under the guidelines of the US Inflation Reduction Act (IRA) are equipped with Korean-made batteries, data showed Wednesday. Out of the 22 American vehicle models eligible for the subsidies, 17, excluding the five Tesla models, are equipped with batteries made [...]
SEOUL, April 18 (Korea Bizwire) — LG Group Chairman Koo Kwang-mo stressed the importance of keeping a leading position in the production of a key secondary battery material, as the intensifying global race to develop electric vehicles (EV) has sharply driven demand, the group said Tuesday. “As cathodes are a key material in the secondary [...]
SEOUL, April 18 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Tuesday it is presenting its latest electric vehicle (EV) battery products and technologies at a major auto show in China this week, including the high-nickel prismatic cell and a new cylindrical battery in a larger size. The prismatic P6 battery is [...]
SEOUL, April 17 (Korea Bizwire) — LG Chem Ltd. said Monday it is joining hands with a Chinese mining company to build a battery precursor factory in South Korea, as it steps up to bolster the supply chains of secondary battery materials. LG Chem plans to sign a preliminary agreement Wednesday with Huayou Cobalt Co., [...]
SEJONG, April 17 (Korea Bizwire) —POSCO FutureM, a company developing secondary battery materials as a core business for the future, has provided its core workforce with shares worth 800 million won (US$609,000). The shares were given to key employees as restricted stock units (RSUs), and the employees can dispose of them only if they fulfill [...]
SEOUL, April 12 (Korea Bizwire) — The global electric vehicle (EV) battery market is forecast to post rapid growth to US$616 billion in 2035, a market tracker said Wednesday, with the China-based production likely to sharply shrink amid the EV-related policy revamps in the United States and Europe. The projection marks a fivefold increase from [...]
SEOUL, April 12 (Korea Bizwire) — POSCO Holdings Inc., South Korea’s top steelmaker, said Wednesday it has signed a memorandum of understanding with Japanese carmaker Honda Motor Co. to cooperate in the electric vehicle (EV) battery materials business. Under the initial deal, the two agreed to explore technical exchanges on key battery materials, such as [...]