[ANALYSIS] Korea aspiring to become battery business champion
Posted : 2021-07-10 08:51
By Baek Byung-yeul
With the global economy transitioning to clean energy to better respond to climate change, Korea is scurrying to foster local materials, components and equipment businesses for the secondary battery industry in a bid to make this a next-generation growth engine.
Secondary or rechargeable batteries grew into a $50 billion business in 2020, according to data from the Bank of Korea, and the figure is expected to triple to $150 billion by 2025 as more countries are encouraging consumers to buy electric vehicles (EVs). Also, increasing reliance on renewable energy around the world will lead to an eventual increase in the use of batteries in energy storage systems (ESS) that store electricity.
Posted : 2021-05-04 15:18
By Baek Byung-yeul
With LG Energy Solution and SK Innovation ending their dispute over battery technology for electric vehicles (EVs) last month, domestic makers of components, parts and materials in the industry have come under the spotlight with the expectation that large-scale orders will resume in the United States and Europe, analysts said Tuesday.
The intellectual property battle between the two Korean battery giants created negative sentiment on related companies here, but now that they have settled the dispute, they are expected to see increased orders, the analysts added.
They also said carmakers efforts to develop their own in-house battery-making technologies to reduce their dependency on standalone makers has also made investors attach more value to these local firms in the EV business ecosystem.