The Korea District Heating Corp. said Wednesday that it will launch a circular economy project to turn plastic waste into hydrogen. According to the KDHC -- one of the world’s largest district heating companies that serves over 1.5 million customers here -- it has partnered up with the Korea Energy Agency, SK Ecoplant and GS Power to develop a city model of the circular economy where plastic waste is converted into oil, then finally into hydrogen. The project will heat plastic waste u

Industry June 23, 2021

SoftBank Ventures Asia said Wednesday that it has injected $9 million into the series A funding of VoyagerX, a South Korean artificial intelligence software developer. SoftBank was joined by Altos Venture and Yellowdog in the round, which chipped in $9 million each making the total investment at $27 million. VoyagerX will use the funds to develop more advanced AI services and hire 100 more employees by next year. Founded in 2017, VoyagerX builds AI solutions and tools that leverage deep lear

Industry June 23, 2021

Hanwha Defense on Tuesday displayed weapons that have localized key parts at the Korea Defense Component and Equipment Fair 2021 held in Changwon, South Gyeongsang Province, on Wednesday. At the event, the defense affiliate of Hanwha Group showcased Cheonma, South Korea’s first short-range surface-to-air missile system deployed since 1999. Since this year, Hanwha Defense localized parts that are no longer produced and some of imported parts such as power suppliers, providing business opp

Industry June 23, 2021

Around 5 a.m. in Seoul, when most of the city is still asleep, it’s not difficult to see backpack-toting men in their 50s and 60s waiting in long lines outside staffing agencies, wondering if there are any day jobs available for them. For their female counterparts, or ajumma as Koreans would call them, the situation is slightly better but not very different. “Cleaners who were working in this industry before … like at 6 a.m., they go to the employee referral agencies, th

Industry June 22, 2021

In every sport, there is a moment when you must score. Netmarble, whose operating margin fell to single digit -- 9.5 percent -- in the first quarter of this year amid the lackluster performance of its much-anticipated release Seven Knights 2, definitely needed a point to turn things around. Second Country: Cross Worlds, a mobile role-playing game with Studio Ghibli-style graphics, arrives against this backdrop and may just be the one that delivers the much-needed new momentum. Released on

Industry June 21, 2021

Construction of South Korea’s first liquid hydrogen plant kicked off on Monday, textile and chemical conglomerate Hyosung Group said. The 300 billion-won ($264.6 million) Ulsan plant will be built by Linde Hydrogen, a joint venture formed in February by Hyosung Group’s machinery affiliate Hyosung Heavy Industries and German chemical firm Linde. Set for commercial operation in May 2023, the envisioned plant would be the world’s single largest liquid hydrogen facility with a

Industry June 21, 2021

Hanwha Solutions said Friday that its wholly-owned subsidiary Hanwha Compound has signed an agreement with SPC Pack to co-develop a biodegradable plastic material and use it for packaging SPC’s products. SPC Group is a South Korean food and confectionery conglomerate owning some 40 brands including Paris Baguette, Shake Shack Korea, Baskin Robbins Korea, Dunkin’ Donuts Korea, among others. The new packaging material will be based on poly lactic acid, which is made from fermented

Industry June 18, 2021

South Korea, which aims to go carbon neutral by 2050, will expand its smart water management by installing floating solar farms near dams and applying hydrothermal energy technologies to data centers. The Ministry of Environment said Friday that it will conduct six water management projects reflecting discussion results on carbon-neutral water management for climate resilience at the P4G Seoul Summit held last month. As part of the projects, the government will begin the construction of eigh

Industry June 18, 2021

LG Electronics’ North American headquarters in New Jersey has been granted an eco-friendly certification from the US Green Building Council, according to the company’s newsroom Friday. At the USGBC Leadership Awards held this month, LG Electronics received a Platinum New Construction certification, the highest grade in USGBC’S Leadership in Energy and Environmental Design rating system, which measures how buildings promote employee well-being, are energy and water efficient,

Industry June 18, 2021

GS Caltex said Thursday it has purchased 2 million barrels of crude oil certified as “carbon neutral” at the point of production, becoming the first South Korean firm to buy carbon neutral crude oil. According to the total energy company, the carbon neutral oil is extracted from Sweden-based Lundin Energy’s Johan Sverdrup oil field in Norway. The offshore field, certified as carbon neutral under product testing company Intertek’s CarbonZero standard, emits 0.45 kilogr

Industry June 17, 2021

S-Oil won the excellence award from Saudi Arabian oil giant Aramco which honors high-achievers among the group’s refining and petrochemical affiliates at home and abroad. It was awarded the best performance award, the top prize in the operational excellence category at Saudi Aramco 2021 President’s Affiliates Excellence Awards, S-Oil said on Thursday. Saudi Aramco assesses the business results of its downstream affiliates every year and presents awards in four categories -- hea

Industry June 17, 2021

LG Energy Solution said Thursday it has completed the supply of its new battery system TR1300 to the world’s largest energy storage systems project in California, which is able to power 225,000 households during peak hours. According to the South Korean battery manufacturer, the 1.2-gigawatt-hour ESS facility, developed by Texas-based power generation firm Vistra, is equipped with 4,500 TR1300 battery racks. Vistra connected the energy storage systems to the power grid and began oper

Industry June 17, 2021

LG Energy Solution will host an international battery forum on June 22 to discuss next-generation batteries with renowned scholars including Nobel laureate Michael Stanley Whittingham. The “LG Energy Solution Innovation Forum 2021,” which will be held from 9 a.m. to 4:30 p.m., is the first such event to be held by LGES after its split-off from LG Chem in December, the company said Wednesday. The forum will be held online due to the ongoing COVID-19 pandemic and is open to the g

Industry June 16, 2021

DataStreams said Wednesday it has signed an agreement with the Cyber University of Korea to cultivate artificial intelligence and big data talents and donated its big data platform TeraONE worth 500 million won ($447,270) to the university. The signing ceremony, which was held at the university’s studio, was attended by CUK President Kim Jin-sung, CUK Research and Business Foundation chief Han Woon-young, DataStreams CEO Lee Young-sang and DataStreams director Lee Sang-ok. The agreeme

Industry June 16, 2021

South Korea aims to reduce carbon emissions 24.4 percent by 2030 compared to 2017, but the target appears to be “extremely” ambitious, according to energy consulting firm Wood Mackenzie on Tuesday. Prakash Sharma, Wood Mackenzie’s Asia Pacific head of markets and transitions, cited two reasons for the pessimism. “First, only 3 percent has been reduced in the last seven years. To reduce the remaining 20 percent over the next 10 years is extremely challenging,”

Industry June 15, 2021