Korean energy solution provider Fuel Cell Innova­tions gives a fresh momentum to the new Hydrogen Fuel Cell Industrial Park in the coastal city of Pohang with a fuel cell and electrolyzer GW scale manufacturing plant. The energy company plans to invest a total of 150 billion won ($115 million) by 2027 to produce key hydrogen fuel cell components in an automated plant at Pohang’s Blue Valley National Industrial Complex. The company renewed its commit­ment to cooperating with Pohang

With nearly 25 years of experi­ence in the energy-related tech­nology development field, Fuel Cell Innovations Chief Executive Officer Lee Tae-won is a veteran engineer. An expert in fuel cells, bat­teries, hydrogen, energy storage systems, and carbon capture, Lee has held the reins at FCI since the company was established in 2018, steering its key policies. After obtaining his doctoral de­gree in Chemical Engineering at Columbia University in 1996, Lee worked as a fuel cell and

South Korean cablemaker LS Cable & System seeks to expand its business horizon to the clean energy sector by acquiring 16 percent shares in underwater construction firm KT Submarine. LS Cable & System purchased the shares in the marine construction company for 25.2 billion won ($19.3 million) in Nov. 30, making itself the second largest shareholder after KT Group. With a call option that the firm already decided to exercise next year, LS Cable & System is expected to become the large

Shinsegae Group Chief Lee Myeong-hee’s Hannam-dong residence maintained its position as the most expensive house in Korea for eight consecutive years, government data showed Wednesday. The 2,862-square-meter mansion located in Yongsan, central Seoul, was valued at 28.03 billion won ($21.59 million) for 2023, as assessed by the Land Ministry, down 9.8 percent from this year. The 10 most expensive houses in Korea all saw a depreciation in value, but none moved in rank. The government reports

GI Cell, the cell therapy affiliate of South Korean pharmaceutical company GI Innovation, said Tuesday it has signed a research agreement with Japanese bio company Optieum Biotechnologies to study hematological tumors. Hematological tumors refer to tumors that begin in the cells of the immune system or bone marrow. According to the agreement, the Japanese bio company will provide its South Korean counterpart with single-chain variable fragment (ScFv) antibodies that target hematological tumors.

South Korean food giant Pulmuone’s US affiliate Pulmuone Foods USA said Tuesday it has secured deals with 18 major US university campuses to supply plant-based foods. Pulmuone had forayed into the US market in 2014, working with one of the US’ largest college food service providers UMass Dining to supply plant-based food products such as vegan steaks to universities and restaurant chains. Under its partnership with UMass Dining, the food giant signed a contract to supply its plant-ba

The Korea Institute of Design Promotion held a demo day event last week to allow social enterprises to share their success stories and have opportunities to get funding from investors. The KIDP, affiliated with the Ministry of Trade, Industry and Energy, has been carrying out a project, called "Social Enterprise Design Assistance Program," since 2019, with aims to nurture social enterprises in the design sector. The institution has been providing participating companies with consultati

More than half of European Union citizens hold a positive attitude toward South Korea, according to a study presented by Han Jeong-hun, a professor of Korean politics at Seoul National University Wednesday. According to the study, 55.3 percent of EU citizens said they had a positive view of South Korea, while another 18 percent said they had no opinion. Meanwhile, 26.8 percent said they had a negative view. However, when asked about how interested they were in Korea, only 38.6 percent responded

South Korea’s leading carmaker Hyundai Motor Group and SK Group’s battery-making arm SK On are set to invest $4 billion to build a joint battery production plant in Georgia, US state officials said Friday. Construction is expected to be completed in 2025. The two companies had signed a business agreement late November on building a joint facility in Bartow County, about 100 kilometers northwest of Atlanta. The batteries produced at the plant will power Hyundai Group’s electric

Seven out of 10 Starbucks users in South Korea ordered iced drinks this year, the coffee chain said Thursday, with their craving for iced coffee and tea showing little sign of abating despite cold wave alerts more recently. According to a big data analysis by Starbucks Korea, purchases of iced drinks made up 76 percent of all Starbucks sales this year, a 12 percentage point growth from last year’s 64 percent. Even during the winter season between November 2021 and February 2022, the portio

South Korean home appliance maker Coway said Thursday it held an inauguration ceremony on Wednesday to kick off a choir group made up of blind singers at its headquarters in Seoul. Coway said the choir group project was part of its effort to promote employment for the disabled. It comes after the home appliance company signed an agreement with the Korea Employment Agency for Persons with Disabilities in April to create sustainable jobs for the disabled. During the inauguration ceremony, Coway Vi

Seoul-based private equity house MBK Partners Founder and Chairman Michael Byung-ju Kim has been named one of the 15 “Asia’s Heroes of Philanthropy” by US business magazine Forbes for the second year in a row. He was the only Korean to make this year’s top philanthropist list. Kim was one of only three people -- the other two being billionaire brothers Ronnie and Gerald Chan who are the co-founders of Hong Kong’s Morningside Group -- to be recognized for two consecu

LG Innotek said Wednesday it has successfully developed new types of high-performance hybrid lenses for autonomous driving that have reduced size and thickness while increasing price competitiveness compared to existing products in the market. Camera lenses are a key component of autonomous driving solutions as they help detect the driver’s movements, according to the company. LG Innotek has showcased two new hybrid lenses — one to be used in the Driver Monitoring System (DMS), and a

Smilegate Foundation, the charity arm of South Korean gaming giant Smilegate, said Wednesday it has opened two new community learning centers on Nov. 28, to support literacy education for women and children in Bhutan. According to the foundation, the centers, which were built together with UNESCO and Bhutan’s Education Ministry, seek to provide women and children in remote areas with access to education, with the hopes of increasing their overall quality of life. The charity foundation ran

South Korean midfielder Hwang Hee-chan was awarded Player of the Match by US beer brand and official sponsor of the FIFA World Cup Budweiser, following Korea’s Saturday match against Portugal, Korean distributor Oriental Brewery said Sunday. South Korea pulled off a dramatic 2-1 victory against powerhouse Portugal, securing its place in the knockout stage. Hwang scored the last goal of the match in the 46th minute of the second half, assisted by Tottenham Hotspur star Son Heung-min. In rec

South Korean shipbuilder Hyundai Heavy Industries will showcase its vision for a sustainable maritime future at the Consumer Electronics Show 2023, the firm said Thursday. CES, the world’s largest technology exhibition, is held in Las Vegas during the first week of January each year. This will be the shipbuilder’s second time taking part in the event. In this year’s exhibition, Hyundai Heavy Industries said it will exhibit its future maritime strategy with a focus on “Oce

South Korean builder Hyundai E&C said Thursday it has begun selling flats at its newly constructed apartment complex in Namdong-gu, Incheon. Named “Hillstate Incheon City Hall Station,” the apartment complex can house a total of 746 households in flats that range in area between 39 and 84 square-meters. Houses in that range were found to be in highest demand, according to the construction company. Hyundai E&C said regulations concerning real estate subscriptions and housing l

Kyobo Life Insurance has been continuously incorporating sustainable development concepts into its business strategies and the effort has been acknowledged in an industry-wide index for its socially responsible efforts. The firm topped the 2022 Korean Sustainability Index among local insurance companies on Thursday, marking its 13th consecutive year of securing the top place since 2010. The KSI is a standard for measuring corporate sustainability based on ISO 26000, a global social responsibilit

Standard Chartered Bank Korea has become the only commercial bank in South Korea to receive an A+ rating in corporate governance for four consecutive years, the firm said. The latest A+ rating was given last week by the Korea Institute of Corporate Governance and Sustainability, an expert nonprofit group founded in 2002 that carries out ESG evaluations and policy research. “A healthy corporate governance system is the foundation of what makes sustainable management possible, and it is the

KB Kookmin Bank has been bolstering the accessibility of its branches for people with disabilities in the first half of 2022, as part of its initiative focusing on diversity and inclusivity. The bank said it surveyed 878 of its branches nationwide in June, measuring each facility’s readiness to greet disabled customers. Based on the survey, the bank installed ramps at the entrances of branches that lacked them. It also put a bell in place that customers could press for assistance, accordin