SEOUL, April 26 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday its first-quarter net profit more than doubled from a year earlier, in line with the earlier earnings forecast, on strong electric vehicles (EV) demand in North America and benefits from a new U.S. law on EV subsidies. Net profit for the three months [...]
SEOUL, April 26 (Korea Bizwire) — Two affiliates of South Korea’s SK Group have signed a partnership agreement with a U.S. nuclear company, backed by Microsoft Corp. founder Bill Gates, to collaborate on the commercialization of an advanced reactor, an SK unit said Wednesday. SK Inc., SK Innovation Co. and the state-run Korea Hydro & [...]
SEOUL, April 26 (Korea Bizwire) — South Korea’s top automaker Hyundai Motor Co. has announced plans to produce clean hydrogen using biogas from sewage waste. The company announced on Tuesday that it had signed a business agreement with the city government of Cheongju in North Chungcheong Province and the Institute for Advanced Engineering. The agreement [...]
SEOUL, April 26 (Korea Bizwire) — A social enterprise backed by SK Innovation Co., the energy and chemical affiliate of the South Korean conglomerate SK Group, has unveiled a lightweight safety helmet made by recycling waste helmets. Usisan said on Tuesday it had developed a lightweight safety helmet by recycling waste safety helmets and plastic [...]
SEOUL, April 25 (Korea Bizwire) — Samsung SDI Co. said Tuesday it is pushing to build an electric vehicle (EV) battery manufacturing facility in the United States in a joint venture with General Motors Co. The South Korean battery maker unveiled the plan in a regulatory filing, under which the two companies have agreed to [...]
SEOUL, April 25 (Korea Bizwire) — Hyundai Motor Group said Tuesday it will build a 6.5 trillion-won (US$4.9 billion) electric vehicle (EV) battery plant in the United States with SK Group’s battery unit SK On. Hyundai Motor Group’s three major affiliates — Hyundai Motor Co., Kia Corp. and Hyundai Mobis Co. — approved the investment [...]
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 24 (Korea Bizwire) — The oil industry is currently experiencing a somber atmosphere due to falling refining margins, which are a significant indicator of profitability for refiners. This is in contrast to the record boom seen last year when strong refining margins and high oil prices led to reports of refiners preparing massive [...]
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 [...]