Korea Gas Corp. is taking a leading role in fostering the country’s hydrogen industry, backing the government’s Green New Deal initiative which aims to roll out 200,000 hydrogen vehicles and 450 hydrogen charging stations. The state-run natural gas company said Sunday it will transition to an eco-friendly hydrogen firm from a conventional fossil fuel-based company, pledging to produce and introduce cheap hydrogen to the market by making timely investments and securing source techno

Industry Sept. 20, 2020

For the late SK Group Chairman Chey Jong-hyun, the 1970s oil shock was a wake-up call, a moment of reckoning that a petrochemical company cannot and should not let its destiny be dictated by the price of oil. When SK Group acquired domestic petrochemical company Yukong in 1980, which later became today’s SK Innovation, Chey had a clear vision that reaped rewards for decades. “Countries all over the world are trying to develop alternative energy after suffering from the 1970s oil c

Industry Sept. 20, 2020

Hanwha Defense’s seven-year-long efforts to export its anti-air systems to India went up in smoke after the country decided to make the systems on its own to give a boost to the domestic industry, according to local media reports. In a recent meeting chaired by Defense Minister Rajnath Singh, the Indian Defense Ministry scrapped two arms import contracts that were in the final stages, including a $2.5 billion program to procure anti-air systems from South Korea. The tender for the prog

Industry Sept. 18, 2020

Hanwha Q Cells said Friday that it has become the first company to receive the highest grade under the government’s carbon certification program for solar modules. According to the South Korean solar cell and module manufacturer, seven of its solar modules earned grade 1 certification from the Industry Ministry. They will be available starting next month, a company official said.  Launched July 22, the ministry’s program divides solar modules into three categories based on

Industry Sept. 18, 2020

LG Chem said Thursday it had approved the split-off of its globally leading battery business to establish a wholly owned battery subsidiary and shore up investments through a public listing in the future.　 In a board meeting convened Thursday, LG Chem decided to split off the battery business division on Dec. 1 and form LG Energy Solution, which will manufacture electric vehicle batteries, small-sized batteries and energy storage systems. LG Chem has been running four businesses sep

Industry Sept. 17, 2020

LG Chem will split off its battery business, in an apparent move to shore up investments through an initial public offering, according to industry sources Wednesday. LG Chem has decided to carve out the battery business division as a wholly owned subsidiary and finalize the agenda at a board meeting scheduled for Thursday, they said. “For LG Chem to digest battery orders, it needs to increase its production capacity, which will cost billions of dollars. To deliver required funds, goi

Industry Sept. 16, 2020

S-Oil said Wednesday that it has launched a mega-scale hybrid charging station in the Unjeong area of Paju, Gyeonggi Province, so it can offer comprehensive services to its customers. According to the South Korean refiner, it merged four gas stations and liquefied petroleum gas filling stations into a single charging station on a 9,900-square-meter site. With 10 DIY fuel dispensers and four LPG dispensers, the charging station can service about 30 vehicles simultaneously. “On the 9,9

Industry Sept. 16, 2020

Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into flaws and shortcomings of Korea’s green policies. – Ed.   The ruling Democratic Party of Korea has recently prepared a bill to allow Korea Power Corp. to directly generate electricity with renewable energy sources as part of ways to foster President Moon Jae-in’s Green New Deal initiative. The move is expected to boost the role of Kepco in the country&lsqu

Industry Sept. 15, 2020

LG Chem will supply batteries to Amazon’s warehouse robots, according to industry sources Tuesday. The Korean battery maker will supply the same cylindrical batteries that power Tesla electric vehicles to Amazon’s automated robots in operation within the retail giant’s warehouses starting from 2023, they said. Though LG Chem said it can’t confirm details related to its clients, the deal is expected to be worth tens of millions of dollars. As of last year, Amazon ha

Industry Sept. 15, 2020

Lotte Aluminium said Monday it has increased the production capacity of its cathode foil plant in Ansan, Gyeonggi Province in response to growing demand for electric vehicle batteries. According to the South Korean packaging material company, it injected 28 billion won ($23.7 million) into the cathode foil plant to increase the capacity to 12,000 metric tons. Lithium-ion batteries consist of four key components -- cathodes, anodes, electrolytes and separators. Cathode foils cover the cathod

Industry Sept. 14, 2020

Samsung Electro-Mechanics said Sunday it has developed the world’s smallest power inductor. According to the Korean electronic components maker, the new power inductor is approximately 50 percent smaller than the industry’s previously smallest product, with a width of 0.8 millimeter and a length of 0.4 mm, a significant development from a width of 12 mm and length of 10 mm. The thickness of the latest product measures 0.65 mm. A power inductor is a key electronic component insi

Industry Sept. 13, 2020

The Korea International Trade Association said Wednesday it has partnered with Startup Junkie, a US-based venture catalyst and entrepreneurial support organization, to help Korean startups test their technologies and products overseas. According to KITA, it signed a memorandum of understanding Friday with Gangnam-gu Office, Korea Venture Business Association and Startup Junkie that will allow consumer goods companies in the US to test and verify technologies and products of Korean startups.

Industry Sept. 9, 2020

Korea Chamber of Commerce and Industry Chairman Park Yong-maan said Wednesday that the organization has managed to receive a greenlight from the government to test artificial intelligence-based drones in the skies above Busan and Daegu. The chairman on Wednesday uploaded a video to his Facebook account, explaining that the KCCI has won a regulatory sandbox approval for AI drones to inspect the safety of bridges and tall buildings in the two cities after a three-month long negotiation between

Industry Sept. 9, 2020

Top executives of Green Investment Group, Total and Hyundai Heavy Industries on Monday held a webinar to exchange ideas on how to cooperate regarding 1.5 gigawatts of floating offshore wind projects in Ulsan. GIG, a UK investment entity focused on green transition, and Total, a French oil and gas company, are set to co-develop the offshore wind power farms near the city. Ulsan Mayor Song Cheol-ho hosted the webinar, attended by GIG global head Mark Dooley, Total Senior Vice President Julien

Industry Sept. 7, 2020

LG Electronics has finalized the name of its new dual-display smartphone to be released on Sept. 14 as “LG Wing,” the company confirmed Friday. When choosing the name, LG Electronics reportedly narrowed down its options to LG Wing and LG Swing, but picked the former as consumers have become familiar with the name after months of exposure to the new phone’s codename “Wing.” The price of LG Wing is expected to be approximately 1.5 million won ($1,260), as the ph

Industry Sept. 4, 2020