Samsung Electronics has invested in Ready Player Me, a 3D avatar platform for the metaverse that allows users to explore virtual worlds with one consistent identity, according to a press release Wednesday. Samsung Next, Samsung Electronics’ subsidiary investing in startups with promising technologies, participated in a $13 million series A funding round led by a venture capital Taavet+Sten. According to Ready Player Me, the funding will be used to grow its global presence as the defaul

Posco Energy, a subsidiary of South Korean steel giant Posco, surrendered its exclusive rights to market, manufacture and service FuelCell Energy’s advanced hydrogen fuel cells in Asia. In a statement announced Tuesday, the two firms reached a settlement to end a license dispute that had begun in 2015. As a result, Posco will relinquish its exclusive rights to the Connecticut-based firm’s molten carbonate fuel cells, or MCFCs, in Asia. Though Posco will no longer be able to manufa

A family of four in South Korea will see electricity bills rise as much as 2,000 won ($1.69) per month in 2022 as Korea Electric Power Corp. decided to raise utility prices 5.6 percent to mitigate its soaring debt accumulated due in part to its aggressive pursuit of renewable energy. According to NH Investment & Securities on Tuesday, the state-run utility will charge 11.8 won more per kilowatt-hour next year, which would allow the company to save costs worth 3 trillion won annually. Des

In 2019, LG unveiled its jaw-dropping rollable TV, then followed that up in 2021 with a rollable phone. In 2022, LG will return to Las Vegas with a rather puzzling piece of innovation called Media Chair, a chimera device that combines a curved OLED TV with a recliner chair. While the product may not be familiar to those in the West, for those living in Asia, particularly South Koreans, the Media Chair is a revolution. The Media Chair will be mounted with not just an ordinary recliner chair

South Korean President Moon Jae-in asked Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Chairman Chung Euisun to “collaborate more closely” on automotive chips during a luncheon at Cheong Wa Dae on Monday. According to Cheong Wa Dae spokesperson Park Kyung-me, President Moon congratulated the Hyundai Motor chief for the automaker’s advancement in the European electric vehicle market and said, “I wish for Samsung and Hyundai to collaborate more closely

SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, has called for a justifiable and practical approach to dealing with the governance structure issue of South Korean conglomerates. “Samsung had a leader who jumped into semiconductor (business) and overcame difficult challenges. Without such structure, who could have had managed such risks?” the KCCI chief told reporters during a year-end conference held Wednesday in Seoul. “

South Korean conglomerate Doosan Group said Thursday it will unveil innovations centered on hydrogen and robotics technologies at the 2022 Consumer Electronics Show. Under the theme “delightful life,” Doosan Group and its major affiliates will showcase their latest innovations at a 450-square-meter booth at the West Hall of the Las Vegas Convention Center from Jan. 5-8, local time. The West Hall is where mobility, auto and self-driving companies are grouped. Doosan Group Chairm

Chinese authorities have finally approved SK hynix’s acquisition of Intel’s NAND and SSD business, the company said Wednesday. Though SK hynix and Intel signed the $9 billion deal in October last year, it has been waiting for approval from China for more than a year due to tensions with the US. In the chip industry, to prevent one company from dominating the market, mergers and acquisitions require antitrust approval from the US, the European Union, South Korea, Taiwan, Brazil, t

The world is full of irony. Electric vehicles, which are supposed to be eco-friendly modes of transportation, are mounted with chips and batteries that generate polluting gases in the manufacturing process. To make semiconductors, harmful gases are required, such as CF4, C2F6, SF6 and NF3. These ozone-destroying greenhouse gases take up to 50,000 years to decompose in the atmosphere, and are far more potent than carbon dioxide, which takes 50-200 years to break down. As calls for environmen

Samsung Electronics Vice Chairman and CEO Han Jong-hee said Thursday that the global tech giant will unveil innovative technologies centered on customization, seamlessness and sustainability at the 2022 Consumer Electronics Show. In his editorial posted on Samsung Newsroom, the head of Samsung Electronics’ device experience division underscored that the “one-size-fits-all” strategy can no longer apply in the consumer electronics market as users are seeking more personalized,

GS Caltex said Wednesday it will utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products to bolster its environmental, social and governance efforts. According to the South Korean total energy company, it will begin pilot production of petrochemical products with 500,000 tons of plastic waste oil at the firm’s plant located in Yeosu, South Jeolla Province. “If the pilot project proves successful, GS Caltex will review new investments for buil

Hanwha Solutions said Tuesday it will spend 338 billion won ($283.3 million) to add 270,000 tons of production capacity of caustic soda, a key raw material for electric vehicle batteries. According to the chemical and energy unit of South Korean conglomerate Hanwha Group, the investment will allow the company to ramp up the annual production capacity of caustic soda at its petrochemical plant in Yeosu, South Jeolla Province, to 1.11 million tons from the current 840,000 tons. “Hanwha

COVID-19 has been a perfect Christmas gift for major chipmakers this year, as the pandemic brought an unprecedented chip demand across the spectrum, from smartphones, laptops and PCs to data centers. To meet the surging demand, foundry giants -- TSMC, Samsung Electronics and Intel -- together have pledged to spend hundreds of billions of dollars throughout the next few years to expand their production capacities. But market watchers warn caution over the aggressive expansion, citing that t

“Green” chips, or low-power semiconductors, have become bestsellers among both crypto miners and electric vehicle makers looking to increase their profitability and driving range. According to industry sources Monday, major chipmakers including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics are producing advanced, low-power chips at full throttle, as miners of cryptocurrencies desperately search for chips that consume less electricity. “Conventional chips c

Hanwha Q Cells said Monday that its low-carbon solar panels began generating electricity at TotalEnergies’ 55-megawatt solar farm in Gien, France. According to the solar business unit of Hanwha Group, its 126,000 solar panels will produce up to 64 gigawatt-hours of electricity per year -- enough for 71,000 people -- at Total’s solar farm that spans 107 football fields. “Over the course of 30 years, the solar farm will curb carbon emissions worth 550,000 metric tons,”

GS Caltex said Friday its drone flew about 1 kilometer over Seoul to successfully deliver heating oil to its destination in a test run. According to the Korean total energy company, the demonstration was performed at the Korea Drone Expo 2021 in Yeouido, western Seoul, Thursday. The drone, which took off from a GS Caltex gas station, flew across the sky and landed at a nearby park 1 kilometer away. There, officials took out the heating oil from the drone and fueled a heater with it. “G

SK Group Chairman Chey Tae-won’s younger brother Chey Jae-won will take the post as the co-CEO of SK On, the group’s electric vehicle battery unit. According to SK on Friday, it held a board of directors meeting and appointed the junior Chey as the co-CEO. Chey Jae-won will lead SK On together with current CEO Jee Dong-seob. This is a return to management for Chey eight years after he stepped down from all posts in 2013 when he was sentenced to 3 1/2 years in prison for embezzl

SK Inc. said Thursday it has joined in on a $50 million investment into Fulcrum BioEnergy, a US-based firm that turns household waste into low-carbon transportation fuels including those for airplanes. According to the holdings company of South Korea’s third-largest conglomerate SK Group, the investment will allow SK Inc. to make a foray into the Korean bioenergy market. SK Inc. is jointly investing in Fulcrum with a Korean private equity fund and did not disclose the exact amount it h

With LG Energy Solution about to go public in January, investors are asking two vital questions. One is, “Should I buy its stocks?” The other is, “But what if there’s another recall?” These questions are perfectly legitimate, considering the hundreds of millions or billions of dollars LG Energy Solution had to cough up to compensate automakers every time its batteries exploded. But whether LG Energy Solution is capable of containing recall risks is the wrong qu

SK Group Chairman Chey Tae-won himself will personally explain to South Korea’s antitrust watchdog his reasons why his 253.3 billion won ($214.4 million) stock purchase four years ago was legitimate, and not a sweetheart deal. According to the Fair Trade Commission Sunday, the head of the nation’s third-largest conglomerate is scheduled to voluntarily appear before the antitrust regulator on Wednesday. The 61-year-old tycoon is expected to deliver his defense over allegations tha