SEOUL, May 24 (Korea Bizwire) — South Korean battery maker SK On Co. has secured US$944 million from investors in a round of funding in preparation for an initial public offering (IPO), its parent company said Wednesday. The board of SK Innovation Co. approved the equity investment agreement it and SK On signed with a [...]
SEOUL, May 23 (Korea Bizwire) —In a recent development, SK On, the Seoul-based battery manufacturer currently engaged in a joint venture with Ford Motor Company in the United States, has expressed unease regarding Ford’s announcement regarding the procurement of its own raw materials. SK On denies having engaged in any discussions with Ford regarding the [...]
SEOUL, May 22 (Korea Bizwire) — Despite the thriving global electric vehicle (EV) industry, South Korea’s trade balance in secondary batteries has unexpectedly shown a deficit for the first time this year, signaling significant changes in the market, a trade body said Sunday. The deficit in rechargeable batteries, which were previously recognized as a representative [...]
SEOUL, May 19 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Friday it has signed an investment agreement with an Australian lithium developer in an effort to bolster the sourcing of the critical mineral used in electric vehicle (EV) batteries. Under the agreement signed with Green Technology Metals Ltd., LGES will acquire an approximately [...]
SEOUL, May 19 (Korea Bizwire) — South Korean refiner HD Hyundai Oilbank Co. has announced its plan to sell DEVELON mini excavators at its gas stations. This initiative, in collaboration with construction machinery manufacturer HD Hyundai Infracore Co., aims to expand the sales channels for mini excavators and generate revenue through brokerage fees. Mini excavators [...]
SEOUL, May 18 (Korea Bizwire) — LG Chem Ltd. said Thursday it has won a contract to exclusively supply its key filter membrane product for a large-scale water desalination project in Israel. LG Chem will supply some 30,000 reverse osmosis (RO) membranes to a joint desalination plant led by two Israeli companies — Shapir Engineering [...]
SEOUL, May 18 (Korea Bizwire) — LG Electronics Inc. announced on Wednesday its entry into the functional material industry by launching the production of antibacterial glass powder, a move aimed at securing new avenues for growth. Leveraging its expertise in independent glass formulation and design technology, as well as its understanding of real-life usage scenarios [...]
SEOUL, May 17 (Korea Bizwire) — Kumho Petrochemical said Wednesday it has signed an initial pact with two Japanese firms to secure a key biomaterial needed for tire manufacturing from Japan. Kumho Petrochemical signed a memorandum of understanding (MOU) on the supply of bio-styrene monomer (bio-SM) with oil and petrochemical firm Idemitsu Kosan and Sumitomo [...]
SEOUL, May 17 (Korea Bizwire) — Hanwha Q Cells, the solar panel unit of Hanwha Solutions Corp., said Tuesday it will invest 136.5 billion won (US$101 million) to establish a test facility at its Jincheon plant in North Chungcheong Province. This facility aims to enable mass production of perovskite-silicon tandem cells and modules. The trial [...]
SEOUL, May 16 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Tuesday the construction of an electric vehicle (EV) battery plant in Canada with Stellantis N.V. has been halted, amid apparent haggling between the Canadian federal and provincial governments over who should pay more incentives. The announcement confirms earlier reports by foreign media outlets [...]