Solidly Stated Goal

President Yoon Seok-yeol (right) speaks at the “Secondary Battery National Strategy Meeting” held at the Blue House on April 20. With him are Koo Jin-gyo (center), a graduate student at Sungkyunkwan University, and Kwon Young-soo (left), vice chairman of LG Energy Solution.
President Yoon Seok-yeol (right) speaks at the “Secondary Battery National Strategy Meeting” held at the Blue House on April 20. With him are Koo Jin-gyo (center), a graduate student at Sungkyunkwan University, and Kwon Young-soo (left), vice chairman of LG Energy Solution.

The South Korean government announced on April 20 that 20 trillion won (US$15 billion) would be invested until 2030 so that the world’s first all-solid-state battery commercialization can be achieved by South Korea.

According to the government’s plan, LG Energy Solution, Samsung SDI, and SK On will build plants for prototype production so that new technologies like 4680 cylindrical batteries and cobalt-free batteries can be produced there. At the same time, the government will conduct R&D on all-solid-state, lithium-metal, lithium-sulfur, and automotive all-solid-state batteries.

The investment tax credit for large companies in the industry will be raised from 8 percent to 15 percent and that for smaller ones will be raised from 16 percent to 25 percent. In addition, the same tax credits will be applied to mineral processing.

The government’s plan also includes investing at least 350 billion won (US$264 million) in ternary battery, LFP battery, and energy storage system R&D. It is aiming to increase the driving range of ternary battery-based vehicles from 500 km to 800 km by 2030 and increase annual energy storage system exports five-fold or more.

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