South Korea's public-private partnership sets up a battery alliance to overtake China in the power battery industry.

CTOnews.com, November 2 (Xinhua)-- South Korea's Ministry of Trade, Industry and Energy released a plan on November 1 to increase South Korea's global power battery market share to at least 40% by 2030.

Under the plan, the South Korean government will form a public-private partnership for the procurement of key battery minerals. Under this partnership, the Korea Trade Insurance Corporation and the Export-Import Bank of Korea will provide 3 trillion won (about 15.39 billion yuan) in financial assistance over the next five years.

In addition, the South Korean government will invest 1 trillion won (about 5.13 billion yuan), and the private sector will invest 19.5 trillion won (100.035 billion yuan) in battery technology research and development. Investment goals include the provision of NCM batteries with a maximum mileage of 800km and the commercialization of all-solid-state electric vehicle batteries by 2026. The private sector's planned capital expenditure over the next eight years is 30.5 trillion won (about 156.465 billion yuan).

CTOnews.com learned that the main battery manufacturers in South Korea are LG Energy Solutions, Samsung SDI and SK On. As of the end of June this year, South Korea accounted for 25.8 per cent of the global market share in power batteries, compared with 56.4 per cent in China and 9.6 per cent in Japan.