It was recently announced that the South Korean government and leading battery companies plan to jointly invest 20 trillion won ($15.1 billion) by 2030 to develop advanced battery technologies, including solid-state batteries.Battery technologies are critical
“The joint investment will allow South Korea to start commercial production of solid state batteries before others,” the South Korean Ministry of Industry said in a statement. South Korea is home to three of the world’s five largest electric vehicle battery manufacturers: LG Energy Solution, Samsung SDI and SK On. Together, the trio controls more than a quarter of the global EV battery market and supplies major automakers such as Tesla, Volkswagen and Ford.
LG, Samsung and SK On will set up pilot production facilities in South Korea that will serve as manufacturing innovation centers, according to the resolutions. These facilities will be used to test and manufacture advanced products such as solid-state batteries, cylindrical 4680-cell batteries and cobalt-free batteries before mass-producing them at overseas production facilities. The development in battery technologies is very important because many companies in this field are working on new high-density solutions that offer longer range than lithium-ion batteries.
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