SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s ambitious deep-sea gas exploration project, codenamed “Daewang Whale,” faces an uncertain future after the first drilling attempt failed to yield economically viable hydrocarbon reserves. With the government unwilling to fund a second drilling phase and the Korea National Oil Corporation (KNOC) grappling with financial instability, the project’s continuation [...]
SEOUL, Jan. 31 (Korea Bizwire) – The total capacity of newly installed commercial solar panels in South Korea reached 3.16 gigawatts in 2024, data showed Friday, exceeding the 3-GW level for the first time in three years. The figure marks a 9 percent increase from 2.9 GW installed in 2023, according to the data compiled [...]
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s three major battery makers likely made all-time-high investments in research and development (R&D) activities last year despite a slowdown in electric vehicle sales, industry sources said Wednesday. LG Energy Solution Ltd. (LGES), Samsung SDI Co. and SK On are estimated to have invested more than 2.5 trillion [...]
SEOUL, Jan. 22 (Korea Bizwire) — Hanwha Qcells, the renewable energy unit of Hanwha Solutions Corp., said Wednesday it has sold two solar power development projects in the United States to a Kohlberg Kravis Roberts (KKR) company. Hanwha Qcells has sold the two solar power projects, one in Colorado and the other in Virginia, to [...]
SEOUL, Jan. 18 (Korea Bizwire) — In a significant strategic shift, Korea Hydro & Nuclear Power (KHNP), Korea Electric Power Corporation (KEPCO), and U.S.-based Westinghouse Electric Company have agreed to set aside ongoing intellectual property disputes and jointly pursue global nuclear power projects under the newly formed “Team KORUS” alliance. Though the specific terms of the [...]
SEOUL/WASHINGTON, Jan. 17 (Korea Bizwire) — South Korea’s state-run Korea Hydro & Nuclear Power (KHNP) said Friday it has reached an agreement with U.S.-based Westinghouse over an intellectual property rights dispute and to join forces in the global nuclear energy market. “KHNP and Korea Electric Power Corp. (KEPCO) have agreed with U.S. Westinghouse to settle [...]
POHANG, Jan. 16 (Korea Bizwire) — The Ministry of SMEs and Startups has extended the designation of Pohang’s small business special support zones in response to economic challenges faced by the city’s steel and secondary battery industries. According to Representative Lee Sang-hwi of the People Power Party on January 15, the ministry has renewed the special [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korean and Canadian companies are set to collaborate on battery recycling and circular economy projects, focusing on extending the lifespan of batteries and developing sustainable practices. The Korea Institute of Industrial Technology (KITECH) announced on January 14 that it will co-host a “Korea-Canada Battery Circular Economy Seminar and B2B [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s exports in the nuclear energy sector reached a record high of 32 trillion won (US$21.9 billion) in 2023, data showed Friday. The figure represents a 26 percent increase from the 25.4 trillion won recorded in 2022, according to the Ministry of Trade, Industry and Energy. The Korea [...]
SEOUL, Jan. 10 (Korea Bizwire) — LG Energy Solution Ltd., South Korea’s leading battery maker, said Friday it has signed a seven-year battery supply deal with U.S. electric vehicle startup Aptera Motors Corp. LG Energy signed a three-way agreement with Aptera Motors and Korean battery pack maker CTNS to provide the U.S. company with its [...]