Samsung SDI has signed an agreement with Stellantis to form a joint venture to build an electric vehicle battery factory in the United States, industry sources said Tuesday. Samsung SDI’s move draws a parallel with LG Energy Solution, which announced a day earlier that it would a create a joint venture with the same global auto group and construct a 40 gigawatt-hour EV battery plant in the US. While details remain unclear, such as the monetary value of the partnership deal, Stellantis

Industry Oct. 19, 2021

LG Chem said Tuesday it has developed a new type of plastic that is as durable as aluminum but 50 percent lighter, with plans to apply the raw material for frames of solar panels and auto components. According to South Korea’s leading chemical company, the new materia -- LUPOY EU5201 -- is designed to withstand long-term exposure to sunlight and exhibits strong resistance to heat and erosion. The material is also able to maintain its original color despite sunlight, as it is resistant to

Industry Oct. 19, 2021

South Korea will construct an autnomous ship able to carry 300 people by 2022 and operate it in coastal waters off Ulsan to conduct feasibility tests on key technologies. According to the Ministry of Trade, Industry and Energy, the 45 billion-won ($38.1 million) project aims to gain a track record for the 2,800-ton ship and verify core technologies to be mounted on it, such as carbon emission reduction and engine optimization technologies. At the same time, the Industry Ministry will establis

Industry Oct. 19, 2021

GS Energy said Monday it will bring blue hydrogen produced by Abu Dhabi National Oil Co., the United Arab Emirates’ biggest energy producer, to South Korea as part of its environmental, social and governance efforts towards creating a hydrogen economy. According to the energy unit of South Korean conglomerate GS Group, the blue hydrogen will be extracted from natural gas in Abu Dhabi and brought to Korea in the form of ammonia. GS Energy will then use the ammonia as a fuel to generate ele

Industry Oct. 18, 2021

LG Energy Solution and global automaker Stellantis said Monday they will form a joint venture in the United States to target the fast-growing North American electric vehicle market. The partnership will break ground on a new EV battery manufacturing facility in the second quarter next year. Scheduled for commercial operation by the first quarter of 2024, the new factory is to churn out 40 gigawatt-hours of EV batteries annually. “The name and the location of the joint venture haven&rsq

Industry Oct. 18, 2021

Samsung Electronics said Friday that it has set a world record for 5G upload speed: 711 megabits per second. According to the South Korean IT giant, the feat was achieved in a recent trial conducted together with Verizon and Qualcomm in Texas. “For comparison, 700 Mbps is fast enough to download a 1 gigabit movie in 10 seconds. Multi-gigabit speeds have been recorded on downloads before, but this is the fastest speed the companies have been able to reach while uploading data to the net

Industry Oct. 15, 2021

Posco Chemical was chosen as the “Rising Star Company” at the 2021 Global Metals Awards, hosted by S&P Global Platts, the company said Friday. It is Posco Chemical’s first overseas award. “Posco Chemical has built a large, successful business in the lithium-ion battery market and forms a crucial part of Posco Group’s value chain integration for green mobility solutions. The company has a significant presence in the secondary battery materials business, which it

Industry Oct. 15, 2021

Banners reading “No photos allowed” in bold letters are clearly placed right next to prototypes of Hanwha Q Cells’ next-generation tandem solar cells. Despite the warning, visitors couldn’t resist taking out their smartphones to take photos of the black, rectangular chips slowly rotating inside glass spheres. At the Net Zero Expo, the nation’s biggest energy exhibition that kicked off at Kintex in Ilsan, Gyeonggi Province, on Wednesday, it was clear that the thi

Industry Oct. 13, 2021

SK Inc., the holdings firm of SK Group, said Wednesday it will form a joint venture in South Korea with Monolith, the world’s first company to have successfully mass-produced “turquoise hydrogen.” According to the strategic investment arm of the country’s third-largest conglomerate, the joint venture will produce hydrogen and carbon black products. The US hydrogen maker will provide necessary technology while SK Inc. will be in charge of production, sales and distributi

Industry Oct. 13, 2021

S-Oil said Tuesday it will import blue hydrogen produced by Saudi Aramco to South Korea and establish a hydrogen ecosystem with consortium partners. According to the South Korean refinery, it will convert the blue hydrogen into ammonia and transport it to Korea. Saudi Aramco is the parent company of S-Oil’s major shareholder Aramco Overseas Company. The imported ammonia will then be cracked into blue hydrogen or be supplied without conversion to its consortium partners, including Samsu

Industry Oct. 12, 2021

Hanwha Defense said Monday it will showcase its advanced land defense systems at a major defense show in the US to expand its footprint in the market. Participating in the AUSA 2021 defense expo, set to kick off Monday, US time, in Washington, the Korean defense firm will display its flagship land defense platforms, including the K9 Thunder self-propelled howitzer and the Redback infantry fighting vehicle. Hosted by the Association of the United States Army, the event is the largest land power

Industry Oct. 11, 2021

A landmark deal to crack down on offshore tax havens, though initially designed to target digital economy behemoths such as Google and Netflix, has spilled over to South Korean chipmakers Samsung Electronics and SK hynix, though the degree of its impact remains unclear. On Friday, the world’s most powerful nations agreed to impose a 15 percent global minimum tax on companies with revenues above 750 million euros ($867.5 million). Also, those with revenues above 20 billion euros and a p

Industry Oct. 11, 2021

SK Group Chairman Chey Tae-won held consecutive meetings with the heads of US-based green energy firms Plug Power and Key Capture Energy to discuss hydrogen and green solutions, the third-largest conglomerate in South Korea said Thursday. According to SK Group, Chey met with Plug Power CEO Andrew J. Marsh at its headquarters in central Seoul on Wednesday and agreed to establish a robust hydrogen ecosystem based on their technological expertise on hydrogen. “Plug Power‘s key hydro

Industry Oct. 7, 2021

Unity Korea on Wednesday vowed to grow together with game developers as well as creators in media and entertainment sectors, offering services that go beyond the conventional gaming realm. During a press conference to mark its 10th anniversary, the Korean branch of the California-based 3D game company introduced a webtoon tablet that allows artists to draw duplicating scenes as an example of its digital solutions for creators. Dr. Frost, a piece uploaded on Naver Webtoon, illustrated massive

Industry Oct. 6, 2021

Local companies have little incentive to migrate to clean energy for their electricity needs, as power prices charged by renewable energy producers and suppliers are still higher than the cost of offsetting carbon emissions. According to Ministry of Trade, Industry and Energy data obtained by Rep. Hong Jung-min of the ruling Democratic Party, purchasing electricity generated by renewables is about 50 percent more expensive than offsetting greenhouse gas emissions through buying carbon credit

Industry Oct. 5, 2021