100 Bil. Won Fund for Joint R&D
Korea’s three secondary battery makers -- LG Chem, Samsung SDI and SK Innovation – have agreed to join forces to develop core technologies for batteries. In addition, they will establish a 100 billion won (US$90 million) fund to create a next-generation battery industry ecosystem.
The Ministry of Trade, Industry and Energy announced on Nov. 12 that the CEOs of the three companies signed an MOU on the establishment of the next-generation battery fund and joint R&D activities to develop core technologies at Westin Chosun Hotel in Seoul.
They plan to complete the establishment of the fund worth 100 billion won by the first quarter of next year. The fund will be used to secure technologies for next-generation batteries and foster small and medium-sized venture companies for the purpose of creating an ecosystem in this field.
The three companies also signed an MOU to undertake joint R&D on next-generation battery-related materials, processes and equipment. Through the agreement, the three companies will jointly invest in R&D projects which the government plans to carry out in three next-generation battery fields –- all solid-state batteries, lithium metal batteries and lithium sulfur batteries. They will support the development of next-generation battery materials, processes and equipment and accelerates the early commercialization of core technologies.
"Secondary batteries are a representative new industry with high growth potential expected to eclipse memory semiconductors in terms of market size. It is a game changer in the new energy industry that includes electric cars and energy storage systems (ESSs),” said Sung Yoon-mo, minister of trade, industry and energy who attended the signing ceremony
“The partnership is quite meaningful in that the three secondary battery makers will develop technology, cope with patent attacks from foreign companies and build a next-generation industrial ecosystem together,” Sung added.