South Korea plans to invest 20 trillion won in research and development of solid-state batteries and other projects by 2030

CTOnews.com, April 20, South Korea's Ministry of Industry said today that the South Korean government and its head battery company plan to jointly invest 20 trillion won (CTOnews.com Note: currently about 103.8 billion yuan) by 2030 to develop advanced battery technology, including solid-state batteries.

"this joint investment will enable South Korea to start commercial production of solid-state batteries ahead of other countries," South Korea's industry ministry said. South Korea currently has three of the world's top five manufacturers of power batteries for electric vehicles-LG New Energy, Samsung SDI and SK On. The three big companies control more than 1/4 of the global electric vehicle battery market and supply major automakers, including Tesla, Volkswagen, general motors and Ford.

Tuyuan Pixabay learned that the investment, which will be jointly funded by the public and private sectors, plans to become the first country in the world to commercialize solid-state batteries. South Korea's statement also includes a plan to quadruple the country's cathode material capacity over the next five years and to start commercial production of lithium iron phosphate batteries from 2025.

The three battery companies will set up pilot production plants in South Korea as centers for their products and manufacturing innovation, South Korea's Ministry of Industry said. These plants will be used to test and manufacture advanced products such as solid-state batteries, cylindrical 4680 batteries and cobalt-free batteries, and then start mass production from overseas production bases.