President Moon: "K-Battery, Essential Future Industry... Securing Clear Global Leadership"

In Ochang, Chungbuk, 'K-Battery Development Strategy' Announced... Public-Private Efforts Focused on Becoming the Unrivaled No.1 Nation

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in on the 8th evaluated the K-battery industry as an essential industry that opens the future and stated that it is a field where a more definite global leadership must be taken.

On the same day, during his visit to LG Energy Solution in Ochang, Chungbuk, President Moon emphasized that the next 10 years will be a period that will once again determine South Korea's status in the global battery industry, and that public and private sector capabilities must be concentrated to start responding in order to become the unrivaled number one country.

The Blue House explained, "Chungbuk is the number one battery production region in South Korea, producing about half (48%) of the country's batteries, and the Chungcheong area is the battery hub region where all three domestic battery companies' production facilities are located, making the visit highly meaningful."

[Image source=Yonhap News]

According to the Blue House, batteries also serve the function of power storage for replacing fossil fuel-based internal combustion engines and renewable energy. There is also a forecast that the global battery market ($180 billion) will surpass the memory semiconductor market ($149 billion) by 2025.

The Blue House explained, "In the case of K-batteries, by successfully commercializing small batteries such as those for smartphones, they have maintained the number one global market share in small batteries for 10 consecutive years since 2011." Currently, in the medium and large battery sector, they have overtaken Japan and are competing with China for first place.

The global battery market ranking shows LG Energy Solution in first place with a 25.9% market share, Samsung SDI in second place with 15.6%, and SK Innovation in eighth place with a 2.5% market share. Among the world's top 10 electric vehicle manufacturers, nine have adopted K-batteries.

The government plans to designate batteries as a national strategic technology and strengthen tax support for investments. The training of industry-tailored battery personnel will also be significantly expanded to about 1,100 people annually. Plans are underway to create a joint R&D innovation fund to strengthen the domestic industrial ecosystem.

The Blue House explained, "By signing three agreements on next-generation battery technology development, the establishment of the K-battery R&D innovation fund, and the formation of a consortium for used battery utilization, the foundation has been laid for a ‘super-regional alliance’ of the battery industry ecosystem."

Meanwhile, after the agreement ceremony, the groundbreaking ceremony for the LG Energy Solution Test Research Center was held. It plans to build a Mother Factory that will lead global battery R&D. The Mother Factory is an R&D-centered factory that starts with a development research center for new battery products and carries out mass production, next-generation battery development, and personnel training.

President Moon toured the battery exhibition hall as a pre-event. He also boarded the electric vehicle 'Danigo Van' installed in the exhibition hall. President Moon viewed a prototype of the all-solid-state battery, which is called a representative product of next-generation batteries.

This content was produced with the assistance of AI translation services.