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 [...]
SEOUL, Nov. 8 (Korea Bizwire) — South Korea’s leading battery maker LG Energy Solution (LGES) said Friday it has clinched a deal to supply electric vehicle batteries to U.S. automotive manufacturer Rivian. Under the deal, LGES will provide Rivian with its advanced 4695 cylindrical batteries, totaling 67 gigawatt hours, for over five years, according to [...]
SEOUL, Nov. 6 (Korea Bizwire) – The Washington Post reported on November 3 that sodium-ion batteries are gaining attention as a potential challenger to lithium-ion batteries, which have dominated the rechargeable battery market for decades, offering a cheaper and more environmentally friendly alternative. Also known as sodium batteries, these devices operate on principles similar to lithium-ion [...]
ULSAN, Nov. 6 (Korea Bizwire) – International and domestic companies are set to invest 37.2 trillion won in what will become the world’s largest floating offshore wind farm complex off the coast of Ulsan, South Korea. The Ulsan Metropolitan Government announced on November 5 that it will sign Letters of Intent (LOI) with multiple energy companies [...]