Economy

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  LGES earmarks $567 million investment to boost domestic production of cylindrical cells SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, will invest some 730 billion won ($567 million) to boost the domestic production of cylindrical cells for electric vehicles. LG Energy Solution (LGES) said that it would spend some 580 billion won on building new mass-production facilities for cylindrical batteries, and 150 billion won on expanding cylindrical battery lines, both at its production base in Ochang. Production is to begin in the 2022-06-13
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  LG Chem and GS EPS consider establishing joint venture for biomass power plant SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, partnered with GS EPS, a private power generation company, to collaborate on a biomass-based eco-friendly energy project, starting the potential establishment of a joint venture for the construction of a biomass power plant by 2025 to produce industrial steam and electricity with waste woods. Biomass is a plant-based material including agricultural crop residues, algae, and industrial wastes. Wood pellets are the mo 2022-06-13
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  Hyundai Motor works with researchers to develop perovskite solar cell for vehicle solar roof SEOUL -- South Korea's Hyundai auto group teamed up with a university research team to develop new perovskite solar cells that can efficiently charge vehicles when they are under the sun. The new technology will be applied to vehicle roofs containing solar panels, which are a relatively new phenomenon that promises to use renewable energy to add some charge to car batteries. A perovskite solar cell includes a perovskite structured compound as the light-harvesting active layer. P 2022-06-10
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  Daewoo shipyard leads joint development of onboard carbon capture and storage system for LNG carriers SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, will lead the development of a ship-based carbon capture and storage system for use by natural gas carriers to be delivered to its Greek client, Gaslog, in 2024. The system treats exhaust gases emitted from the internal combustion engine of ships Daewoo Shipbuilding & Marine Engineering (DSME) said it signed a tripartite cooperation agreement with GasLog, an LNG shipping services company i 2022-06-10
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  Hyundai Engineering secures order to carry out basic design of ASM plant in Australia SEOUL -- Hyundai Engineering, a unit of South Korea's Hyundai auto group, secured an order to carry out the basic design of a plant that will be built by Australian Strategic Materials (ASM) to refine and produce rare earth and strategic minerals such as zirconium and neodymium. Hyundai Engineering (HEC) said it has signed a contract with Australian Strategic Materials (ASM) for the front-end engineering design (FEED) of the plant, which is part of ASM's project in Dubbo nor 2022-06-09
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  First SOFC power plant put into operation to provide electricity and heat SEOUL -- South Korea's first solid oxide fuel cell power plant was put into commercial operation to generate electricity that can be used by about 14,000 households annually. The plant is equipped with an innovative module to supply hot water by recovering heat emitted from fuel cells. The 4.2-megawatt solid oxide fuel cell (SOFC) power plant run by Korea East-West Power (EWP), a public power generation company, opened at a leisure and sports center in the eastern port city of D 2022-06-09
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  SKC sells out lucrative film business to focus on semiconductors, batteries and eco-friendly businesses SEOUL -- SKC, a polyester film and chemical material manufacturer affiliated with South Korea's SK Group, sold its lucrative film processing business to Hahn & Company, a top domestic private equity fund, for 1.6 trillion won ($1.27 billion) to focus on materials for semiconductors and secondary batteries as well as eco-friendly businesses. The equity fund purchased SKC's film business division, a film processing subsidiary, and U.S. and Chinese operations under a deal s 2022-06-08
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  LS Electric acquires Nokia's power facility asset analysis platform SEOUL -- LS Electric, a power solution provider affiliated with South Korea's LS Group, took over Nokia's power facility asset analysis platform. The acquisition is aimed at developing customized solutions to extend the life of power facilities, improve investment efficiency, and reduce maintenance costs. LS Electric has signed a deal to acquire Nokia’s asset lifecycle optimization (ALO) software based on big data analytics and machine learning technology at the Hano 2022-06-08
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  SPC acquires French sandwich and salad brand 'Lina's' for overseas expansion SEOUL -- South Korean confectionery and bakery giant SPC Group has acquired French sandwich and salad brand Lina's to use it as a bridgehead for its expansion abroad. New food products developed at Lina's will be sold at SPC's bakery brand Paris Baguette. Founded in 1989 in Paris, Lina's operates in four countries -- France, Colombia, Lebanon and South Korea. In 2002, the French brand was introduced in South Korea in the form of master franchising which involves co 2022-06-07
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  Hyundai Engineering and American partner USNC to develop new micro modular reactor SEOUL -- Hyundai Engineering, a unit of South Korea's Hyundai auto group, will work with its American partner, Ultra Safe Nuclear Corporation, to develop a new reactor with significantly higher temperature and output than existing micro modular reactors through technology advancement for the mass production of hydrogen. Small modular reactors (SMRs) have been studied to address the limitations of traditional light-water reactors using low-enriched uranium that cost a lot to repl 2022-06-07
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  Doosan Fuel Cell leads project to set up blue hydrogen fuel cells with carbon capture technology SEOUL -- Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, will lead a joint project to replace existing fuel cells with a structure using blue hydrogen, which is favored by industries due to its reasonable production cost compared to green hydrogen based on renewable energy. Green hydrogen uses electrolysis to split water and release only hydrogen and oxygen. Hydrogen produced by steam reforming is termed grey hydrogen, which is the most common form and is 2022-06-03
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  KAL consortium embarks on rocket engine development for civilian use SEOUL -- A consortium led by South Korea's top flag carrier Korean Air has embarked on the development of a high-performance liquid engine for the upper part of a small two-stage space launch vehicle for civilian use with state funding. Korean Air (KAL) and other companies involved in the consortium will complete the development of a 3-ton engine by 2027. The lower part will be equipped with a 75-ton liquid engine used in Nuri, a three-stage indigenous rocket. Korean Air is res 2022-06-03
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  Hanwha Solutions participates in joint investment led by U.S. plastic upcycling startup 'Novoloop' SEOUL -- In an effort to bolster its green energy business, Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, joined in funding by Novoloop, a California-based plastic upcycling startup with a patented technology that decomposes the molecular structure of polyethylene to produce an eco-friendly raw material. The size of Hanwha's investment was not disclosed. Novoloop, which has attracted $21 million from investors, aims to commercia 2022-06-02
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  S. Korean consortium to build green ammonia factory in Abu Dhabi SEOUL -- A consortium of South Korean companies has secured a crucial deal to build a green ammonia factory in the capital of the United Arab Emirates. Because no carbon is generated, green ammonia is considered an important part of a sustainable hydrogen ecosystem. Together with Petrolyn Chemie, a UAE-based green ammonia developer, a consortium led by South Korea's state power company, Korea Electric Power Corporation (KEPCO), will build a green ammonia factory in Abu Dhabi 2022-06-02
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  Giant natural gas carrier makes first transoceanic voyage with self-sailing technology SEOUL -- In a landmark operation monitored by U.S. and South Korean maritime classification societies, a giant natural gas carrier installed with a self-sailing system developed by Avikus, the in-house venture of South Korea's Hyundai shipbuilding group, has made a successful transoceanic voyage for the first time in the world. The Prism Courage, a 300-meter-long super-large liquefied natural gas (LNG) carrier, has successfully completed its autonomous ocean crossing in a joint 2022-06-02
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  Policymakers endorse massive injection of state money for SMR development SEOUL -- With the blessing of President Yoon Suk-yeol, South Korea's nuclear power industry grabbed a new opportunity to rebound after policymakers endorsed a massive injection of state money for the development of a relatively safe small modular reactor called "i-SMR" that can be operated in an underground water tank and cooled naturally in case of emergency. Yoon, who took office in early May, dumped his predecessor's "nuclear-exit" policy of phasing o 2022-06-02
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  Vodafon ties up with Hyundai Robotics to develop service robots targeting European clients SEOUL -- Vodafone, a British telecom company, tied up with Hyundai Robotics, a robot maker affiliated with South Korea's top shipbuilding group, to develop service robots targeting European clients. They would test-run quarantine robots at university hospitals in Germany before supplying 5G-based service robots to restaurants, hotels, and nursing facilities. Hyundai Robotics said it has signed a letter of intent with Vodafone at a trade fair in Hanover, Germany, to cooperate on 2022-05-31
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  Plug Power's joint venture with SK E&S supplies water electrolysis equipment for green hydrogen project SEOUL -- A joint venture between Plug Power, an American provider of hydrogen fuel cell turnkey solutions, and its South Korean partner, SK E&S, will supply polymer electrolyte membrane water electrolysis equipment for a state project to verify the efficiency and safety of a green hydrogen and battery storage system. Water electrolysis technology decomposes water with electricity to produce hydrogen. Hydrogen companies have been testing various methods to improve water electr 2022-05-31
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  Huayou Cobalt's subsidiary invests in LG Chem's cathode material plant SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will set up a joint venture with the subsidiary of its Chinese partner, Zhejiang Huayou Cobalt, as part of efforts to establish a stable supply network of raw materials through a series of preemptive investments and partnerships with foreign companies Tianjin B&M Science and Technology (B&M), a battery material producer controlled by Huayou, will acquire a 49 percent stake in the joint venture, while LG Chem ow 2022-05-31
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  Doosan Logistics ties up with Norway's AutoStore to set up premium warehouse storage lineup SEOUL -- Doosan Logistics Solutions, a unit of South Korea's Doosan Group, has forged a strategic partnership with Norway's AutoStore, which provides a robotic cube-based, automated storage and retrieval system, to set up a premium product lineup for warehouse storage. The deal came after Doosan Logistics Solutions (DLS) agreed to introduce a shuttle-type storage system from Austria's KNAPP. DLS said it would use two storage systems to meet customer demands of variou 2022-05-30