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

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

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

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

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

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

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.

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

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

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

NCSoft said Friday its North American subsidiary NC West will release a new rhythm game “Fuser” for both PC and console in North America and Europe on Nov. 10. Fuser is an interactive DJ music game developed by Harmonix -- a US-based video game development company -- and will be published by NC West. Fuser will be available on PC and three major console platforms -- PlayStation 4, Xbox One and Nintendo Switch. In Fuser, players will become music festival DJs, mixing vocals, bas

Diageo Korea said Friday it has appointed Dan Hamilton as a new CEO. According to the world‘s largest distiller and producer of major whisky brands including Johnny Walker and Windsor, Dan Hamilton has become the new CEO starting Friday as his predecessor Robert Rhee, who had led the company since 2018, will leave the business on Oct. 31. After joining Diageo in 2011, Hamilton served several senior leadership and general management roles in India, China, Japan and Europe. As the CEO

Smilegate said Thursday that it has teamed up with UNESCO to support an education campaign for children in less-developed countries in South Asia. According to the South Korean game company, the Smilegate Foundation’s Hope Studio signed a memorandum of understanding with the Korean National Commission for UNESCO to jointly develop education programs and to support and raise funds to help South Asian countries develop more independent education systems. Hope Studio will first support &

South Korea’s No.2 conglomerate SK Group had 125 companies as of May, more than any other conglomerate in the country. But under Chairman Chey Tae-won’s command, the group appears to have finally decided which branches to trim, and which seeds to sow, so that the whole field can flourish. Through Chey’s “deep change” initiative, SK Group plans to liquidate its gas and lubricants businesses -- which guarantee stable profits but with little growth potential -- an

Kumho Petrochemical said Wednesday the company and its affiliates are putting more emphasis on business management based on environment and safety in response to stricter environmental regulations. According to the world’s No.1 NB latex manufacturer, it has pursued a rigorous campaign to respond to environmental regulations and will take further measures such as upgrading air pollutants reduction facilities and curbing greenhouse gas emissions. As for safety, Kumho Petrochemical&rsqu

Unity said Tuesday it has officially launched Unity Distribution Portal, which allows developers to create a single version of a game that can be published in multiple app stores. According to Unity Technologies Korea, UDP is capable of automatically creating different versions of a single game that can meet software requirements of each app store, saving developers a substantial amount of time when publishing in multiple app stores. “Previously, developers had to create different ver

Due to the prolonged coronavirus outbreak, South Korea’s electricity sales are projected to shrink 3.3 percent this year compared to a year prior, signaling the worst retreat in demand since 1998, according to a research body under Korea Electric Power Corp. on Tuesday. Kepco Management Research Institute said Kepco’s electricity sales volume this year is expected to suffer a negative growth of 1.8 to 3.3 percent on-year, its second-worst figure next to minus 3.6 percent in 1998

Hyundai Motor Group Executive Vice Chairman Chung Euisun will give a congratulatory speech at this year’s “Social Value Connect,” the largest privately-held social value festival in Korea hosted by SK Group Chairman Chey Tae-won. According to SK Group Sunday, SOVAC 2020 -- which will be held online from Sept. 1 to 24 -- will feature business leaders including Chung, Posco Chairman Choi Jung-woo and Shinhan Financial Group Chairman Cho Yong-byoung giving congratulatory speech

Hyundai Motor will launch nine new cars in China by the end of next year to seek a turnaround in its sluggish sales in the world’s biggest car market. South Korea’s largest automaker announced Sunday that, starting next month with sport utility vehicle Palisade, it will introduce three sedans, three recreational vehicles and two electric vehicles in the country through 2021 to rebound after sales there plummeted in recent years. The automaker’s three sedans include the new

SK Innovation on Thursday lost a compensation lawsuit it filed against LG Chem in Seoul for breaching a patent settlement. The Seoul Central District Court delivered a verdict siding with LG Chem, saying that the patent settlement both companies signed in 2014 is only effective in Korea. It has dismissed SK Innovation’s claim that LG Chem should drop its lawsuits against SK Innovation in the US and pay 500 million won ($42,000) in compensation to SK Innovation and its US subsidiary SK B