SK Innovation said Wednesday that it was considering producing new kinds of electric vehicle batteries, including cylindrical and prismatic battery cells, to expand its customer base. At South Korea’s biggest battery expo, Inter Battery, held at Coex in Seoul this week, SK Innovation battery chief Jee Dong-seob confirmed that the company was preparing to diversify its product portfolio, which currently consists only of pouch-type cells. “We are reviewing the development of cyli

LIG Nex1 will participate in the International Maritime Defense Industry Exhibition 2021 to showcase its advanced close-in weapons system, or CIWS, specialized to the South Korean Navy. Currently, the Navy is using a Dutch CIWS called Goalkeeper, which automatically shoots thousands of bullets per minute to offer short-range defense for ships against fast-moving missiles, aircraft and surface vessels. Through its CIWS-II program, the Navy aims to develop a more advanced CIWS that has the same

Minister of Trade, Industry and Energy Moon Sung-wook said Tuesday that the ministry will lead South Korea’s carbon neutrality plan, but remained vague on whether the plan includes nuclear energy. At his first press conference since taking office early last month, Moon stressed that the industrial sector emits 37 percent of the nation’s total carbon output and therefore the Industry Ministry should step up its efforts to help the country go carbon neutral by 2050. Asked whether

After being selected as the sole preferred bidder for an Australian artillery gun procurement project last year, Hanwha Defense aims for its first export to the UK, as the British Army is looking for new self-propelled artillery. The British Army, which is using AS90 guns that are more than 30 years old, plans to procure 116 units of new self-propelled artillery guns within seven years, as part of the Mobile Fires Platform program worth approximately $1.08 billion. The authority will begin s

The South Korean IT powerhouses nestled in Pangyo Techno Valley, a tech hub modeled after Silicon Valley in the US, are best known for a progressive workplace culture shaped by young founders and their employees, something rare among traditional big companies. That reputation has drawn the nation’s brightest IT minds south of Seoul to Pangyo in recent years, but the IT and tech startup cluster is now under increasing scrutiny after a series of reports suggested a reality contrary to th

Lime Korea said Thursday it has cut the price of the company’s monthly subscription plan Lime Prime to 7,500 won ($6.70) from 12,500 won to make its service more accessible to daily commuters. Lime Korea currently charges a fixed rate of 1,200 won to unlock an e-scooter and then a per-minute fee from 160 won to 230 won to ride. For 7,500 won a month, the company waives the initial fee for Lime Prime subscribers. Also, Lime Prime members can reserve a vehicle up to 30 minutes at no cost

SK Inc., the holdings firm of SK Group, said Thursday that it has acquired a stake in Monolith, the world’s first company to have successfully mass-produced “turquoise hydrogen.” The strategic investment was made by a consortium led by SK Inc., of which NextEra, a leading clean energy company in the US, was also a participant. SK did not disclose the investment amount, but industry sources said it would likely be in the range of tens of millions of dollars. Although hydro

SK Lubricants, a subsidiary under SK Innovation, said Wednesday that its lubricant sales for electric vehicles is expected to double on-year, buoyed by a growing demand for EVs. The market size for EV lubricants will grow as much as six times by 2025, as the number of EVs, which stood at 3.94 million this year, will jump to 11.26 million by 2025, according to IHS Markit. EVs, which accelerate faster than gas-powered cars, require much more efficient lubricants that can cool down motors, gear

In the race for leadership in the battery business, it looks like Samsung SDI is the slowest mover. While global competitors, including crosstown rivals LG Energy Solution and SK Innovation, have announced ambitious tie-ups and expansion plans -- even targeting the world’s largest market, the US -- Samsung SDI has produced no such news. Shares in Samsung SDI, traded on Korea’s main Kospi bourse, took a battering this week following a Morgan Stanley downgrade. In its note, the

When the world shifted from relying on coal as fuel to oil, the transition reshaped the international order. Now, the world prepares yet another seismic shift -- from oil to renewable energy. South Korea, which is the world’s ninth largest energy consumer and has next to no fossil fuel resources of its own, could step up to take lead in this great transition by facilitating a hydrogen economy, says Lee Seung-hoon, the director of H2Korea, a hydrogen think tank under the Ministry of T

The Korea Electric Power Corp. has appointed Cheong Seung-il, the former vice minister of trade, industry and energy, as its new chief executive, the state-run utility said Tuesday. At an inaugural ceremony held at Kepco headquarters in Naju, South Jeolla Province, the 21st president of Kepco urged staff and executives to “lead the changing paradigm of zero carbon” and “seriously consider an aggressive transition of the energy system.” During the speech, Cheong sugg

Hanwha Group has won a 24.3 billion-won ($21.8 million) deal from the Agency for Defense Development to develop a key device that helps laser beam weapons target drones flying several kilometers away, the company said Monday. Over the next four years, Hanwha will develop a prototype of an amplification device that magnifies the output and travel distance of laser beams. “Laser weapons can shoot down fast-flying objects at the speed of light. Based on 20 years of research into laser t

Hyundai Oilbank said Monday it will establish a blue hydrogen ecosystem with an annual production capacity of 100,000 metric tons by 2025 and convert carbon generated from the production process into commercial products such as dry ice. According to the South Korean energy company, the ecosystem will extract hydrogen from natural gas and refinery by-products and remove carbon to make the hydrogen “blue.” The hydrogen will be then transported, delivered and supplied to customers to

LG Electronics said Sunday it will conduct a beta test of a robot lawn mower to develop a model optimized for Korean customers. This is the first time the company will conduct a demo test and develop a product together with customers. According to LG Electronics, it will receive 50 volunteers by June 11 and let them use the robot lawn mowers for two months. Based on their feedback, LG Electronics will develop a model customized to Korea’s residential environment. “Participants

The gap between the world’s top two chip companies -- TSMC of Taiwan and Samsung Electronics of South Korea -- has widened over the past 12 months in terms of market cap, according to a Seoul-based corporate tracker. CEO Score said on Sunday that the market capitalization of TSMC and Samsung Electronics had a difference of about $10 billion a year ago, but the gap has widened to $117 billion. As of May 27, the value of TSMC was $543.3 billion, a 96.3 percent surge from $276.8 billion

For average customers, one of the easiest ways to pursue a green lifestyle is to purchase eco-friendly products. To target these customers and raise their brand images, companies in South Korea are rolling out eco-friendly products one after another, including some made of biodegradable plastic. Typically made from natural materials such as corn starch, biodegradable plastic is designed to break down naturally when it goes to landfills. However, these efforts – and extra expenses -- m

Jam City, Netmarble’s mobile game subsidiary in the US, will go public in a deal with a blank-check company in the second half of this year, company officials said Friday. The company has reached a merger agreement with a publicly traded special purpose acquisition company DPCM Capital, which will result in Jam City being listed on the New York Stock Exchange. The combined company will have a valuation of $1.2 billion, according to Jam City. Jam City will use the cash proceeds to acq

LIG Nex1 said Thursday it will develop a hydrogen drone that can carry 200 kilograms of cargo, the largest in South Korea. According to the defense and aerospace firm, it was selected by the Ministry of Trade, Industry and Energy to carry out the 44-billion-won ($38.8-million) national project for the development of autonomous cargo drones powered by hydrogen fuel cells. “The development will be completed in 2025 and the drones will be deployed to the military as transportation drones

SK Group Chairman Chey Tae-won, who is currently visiting the US as part of the unofficial business delegation of President Moon Jae-in’s first summit with President Joe Biden, is likely to announce joint investment with Ford to build a new battery factory in the country. According to a Reuters report Thursday, SK Innovation -- a battery-to-petrochemical unit of SK Group -- is set to sign an agreement with the US automaker to form a joint venture for the production of electric vehicle ba

State-run Korea Gas Corp. said Tuesday that it will build the world’s first hydrogen equipment inspection support center in Wanju, North Jeolla Province. The 50 billion-won ($44.2 million) inspection center, set for completion by 2023, will be responsible for safety checks on four types of hydrogen equipment manufactured domestically and imported from overseas -- stationary fuel cell, portable fuel cell, electrolysis equipment and hydrogen extraction equipment. In February, South Kore