Ministry of Industry, "Over 500 Billion KRW R&D Support for K-Battery Over 5 Years"

InterBattery 2024 Opens
Record 579 Companies and Organizations Participate

The Ministry of Trade, Industry and Energy announced that it will support more than 500 billion KRW in domestic battery research and development (R&D) over the next five years.

Kang Kyung-sung, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, participated in the opening ceremony of 'InterBattery 2024' held at COEX in Gangnam, Seoul on the 6th, stating, “In consultation with related ministries, we will support a total of more than 500 billion KRW in R&D over the next five years for the development of next-generation batteries such as all-solid-state batteries, the development of affordable batteries like lithium iron phosphate (LFP) and sodium, and eco-friendly technologies such as reuse and recycling.”

Vice Minister Kang cited the recent major trends in the global technology market as ▲the full-scale development of next-generation batteries ▲the expansion of affordable technologies such as LFP ▲strengthening of eco-friendly technologies ▲the spread of standards and automation technologies such as cylindrical batteries, and said, “The government will actively promote R&D projects that reflect corporate demands in line with these global trends.”

InterBattery 2024, held at COEX for three days starting today, features the largest-ever scale with 579 companies and institutions competing over the present and future of battery technology. Participants include the three major domestic battery companies as well as governments and companies from 18 countries including the United States, Japan, China, Germany, and Canada.

Scenes from the 'InterBattery 2023' event held in 2023. Photo by Korea Battery Industry Association.

The biggest topic of this exhibition is the all-solid-state battery, which is fiercely contested in global development competition. Led by Samsung SDI, which is developing technology with the goal of mass production by 2027, domestic startups such as TDL, Megnatec, and GLBE will participate to showcase various technologies. In particular, Samsung SDI plans to reveal the current status of all-solid-state battery development and specific mass production plans through the exhibition.

Affordable batteries such as LFP, which are rapidly growing in the global market, are also receiving great attention at this exhibition. SK On is introducing a product called WinterPro, which improves charging and discharging capacity by more than 10% at low temperatures compared to existing products, and L&F is unveiling cathode materials for LFP ahead of market launch.

LG Energy Solution is exhibiting LFP energy storage system (ESS) cells along with mid-nickel NCM batteries that reduce nickel content to enhance price competitiveness. Meanwhile, LG Energy Solution will also unveil Cell to Pack technology, which increases energy density by omitting modules, in addition to affordable batteries.

In line with the strengthening of global Environmental, Social, and Governance (ESG) standards, technologies for recycling and reusing used batteries are also a major theme of this exhibition. Companies such as Sungil Hightech, Korea Zinc, and Ecopro will introduce recycling technologies that secure raw materials from used batteries as well as eco-friendly processes that reduce carbon emissions during manufacturing.

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