SEOUL, Nov. 12 (Korea Bizwire) — South Korea’s big-three rechargeable battery makers have agreed to create a fund to jointly develop next-generation battery technologies and foster related industries, the industry ministry said Monday.
The companies — LG Chem Inc., Samsung SDI Co. and SK Innovation Co. — signed a memorandum of understanding for joint R&D of key battery technologies and the creation of a fund worth 100 billion (US$88.4 million) in the first quarter of 2019, the Ministry of Trade, Industry and Energy said.
Under the agreement, the manufacturers will collaborate in developing core technologies related to materials, process and equipment.
They also agreed to form a joint technology committee to speed up commercialization of new renewable battery technologies in the global market.
“It is meaningful that the three rechargeable battery makers cooperate to put a united front against the intellectual property right infringement by foreign companies and create an advanced industry ecosystem,” Sung Yun-mo, minister of trade, industry and energy, said during a signing ceremony.
“The government will expand support for the battery industry by lowering regulations and boosting demand in related industries, including electric vehicles and the energy storage systems.”