Promotion of ESS Tech

The Korean government will invest a total of 30 billion won (US$260 million) in the development of energy storage system (ESS) technology this year.
The Korean government will invest a total of 30 billion won (US$260 million) in the development of energy storage system (ESS) technology this year.

 

The Ministry of Trade, Industry & Energy held the ESS Technology Development Forum on September 5 at the Textile Center located in Seoul and announced that a total of 30 billion won would be invested in the development of energy storage system (ESS) technology this year.

The size of the global ESS market is estimated to increase from US$2.56 billion to US$15 billion between this year and 2020. South Korean companies’ ESS exports for the first seven months of this year totaled US$180 million, up 96% from a year ago. ESS batteries accounted for more than 95% of the exports. Experts point out that export items should be diversified to cover power converters, software and the like as well as batteries. 

From 2013 to last year, the Ministry of Trade, Industry & Energy of South Korea invested 90 billion won in ESS component and system technology development. This year, it is planning to focus on the development of ESS systems that are capable of meeting requirements and regulations in overseas markets. In addition, the ministry is going to demonstrate developed systems abroad so that R&D and overseas market penetration activities can be linked in a well-organized way.

 

 

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