SEOUL, Jul. 9 (Korea Bizwire) — POSCO International Corp. said Tuesday it has completed the construction of a liquefied natural gas (LNG) terminal, marking the first such facility operated by a private business. The trading and energy unit of South Korea’s top steelmaker, POSCO, said the completion of the terminal, which includes six storage tanks, [...]
SEOUL, Jul. 9 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) announced on July 8 that it will provide $150 million in project financing for a major solar power project in the United Arab Emirates (UAE), won by the Korea Western Power Co. This ambitious venture, located in the UAE’s desert region, involves the [...]
SEOUL, Jul. 4 (Korea Bizwire) – The South Korean Ministry of Environment announced on July 3 that the country is on the brink of a significant clean energy milestone, with 992 hydrogen-powered buses currently in operation nationwide. This puts the nation on the cusp of reaching 1,000 hydrogen buses on its roads, a goal set in [...]
SEOUL, July 3 (Korea Bizwire) –Hyundai Motor Group said Wednesday it has completed construction of an electric vehicle (EV) battery plant built jointly with LG Energy Solution Ltd. in Indonesia, allowing the South Korean automotive giant a fully-integrated EV production system in the Southeast Asian nation. Hyundai Motor Group said it held a completion ceremony [...]
SEOUL, Jul. 3 (Korea Bizwire) — Trade Minister Cheong In-kyo said Wednesday that South Korea hopes to expand economic ties with Indonesia in areas ranging from electric vehicles (EVs) to clean energy. Cheong made the remark during his visit to Jakarta, where he attended a ceremony marking the production of Hyundai Motor Co.’s electric vehicles [...]
SEOUL, Jul. 3 (Korea Bizwire) – SK On, the battery manufacturing arm of South Korea’s SK Group, has unveiled a comprehensive restructuring plan aimed at steering the company towards profitability and solidifying its position in the global electric vehicle (EV) battery market. The move comes as SK Group reaffirms its commitment to the battery business as [...]
SEOUL, Jul. 2 (Korea Bizwire) –A recent spate of lithium battery-related incidents in South Korea has thrust the safety and environmental concerns surrounding these ubiquitous power sources into the spotlight. From public transportation mishaps to industrial accidents and mounting disposal challenges, the risks associated with lithium batteries are becoming increasingly apparent. On July 1, a [...]
SEOUL, Jul. 2 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Tuesday it has signed a deal to supply lithium iron phosphate (LFP) batteries for Renault S.A.’s electric vehicles. Under the five-year contract through 2030, LGES will supply LFP pouch-type batteries to Renault’s EV division Ampere, with a total [...]
SEOUL, Jul. 2 (Korea Bizwire) — LS Cable & System Ltd., South Korea’s biggest cable company, said Tuesday it has received a 100 billion-won (US$72 million) order to supply submarine cables to an electricity grid operator in the United States. In the deal with LS Power Grid California, LS Cable will provide undersea cables for [...]
SEOUL, Jul. 1 (Korea Bizwire) — The government decided to put on hold a plan to raise gas prices this month despite the mounting losses of the state-run Korea Gas Corp. (KOGAS) to ease the financial burden on people amid economic uncertainties, officials said Monday. South Korea has been reviewing raising gas prices supplied by [...]