S. Korean battery makers join hands to jointly develop core technologies

By Lim Chang-won Posted : November 12, 2018, 12:43 Updated : November 12, 2018, 12:43

[Aju News DB]


SEOUL -- Under a government campaign to maintain global leadership, South Korea's top battery makers LG Chem joined hands with two domestic rivals to develop next-generation technology together and create a fund for joint research and startups.

LG Chem, Samsung SDI and SK Innovation signed a memorandum of understanding Monday in a ceremony sponsored by the Trade, Industry and Energy Minister. They agreed to set up  a fund worth 100 billion won ($88.5 million) by the first quarter of 2019,

The ministry said the three companies would team up to develop key technologies in materials, processes and equipment for next-generation batteries.

Trade, Industry and Energy Minister Sung Yun-mo said in a statement that South Korean battery companies would get full government support to expand their investment at home and enhance global competitiveness.

"It is of great significance that the three secondary battery makers competing for a global market leadership will work together to promote technology development, jointly respond to patent attacks by foreign companies, and make a next-generation industrial ecosystem together," Sung was quoted as saying.

The alliance comes amid growing competition among domestic and foreign battery makers to secure the upper hand in the global market.


 
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