Space is not just about new opportunities for future industry, but changing perspectives and presenting challenges and dreams for generations to come, says Paul Yun, a Korean American solar system ambassador for NASA. “What would be wise for Korea is to utilize space to its fullest to bring out every positive factor from it. If space can become a bigger area, not all smart children will be trying to go to medical school. If more children chase space-related dreams, Korea’s space ecos

Technology April 17, 2023

LG Chem, South Korea’s chemical giant, and Huayou Cobalt, China’s leading cobalt refiner, will invest 1.2 trillion won ($918 million) to build a battery material plant in Gunsan, North Jeolla Province, according to reports Sunday. Citing anonymous industry sources, the reports said the two companies will officially sign the partnership Wednesday to jointly establish a production site for precursors. Precursors are core materials of cathode materials, one of the four critical battery

Industry April 16, 2023

Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is facing a final obstacle, as South Korea’s Fair Trade Commission is yet to give the green light for the high-profile takeover. Since signing a megadeal worth 2 trillion won ($1.53 billion) to buy a 49.3 percent stake in DSME from the state-run Korea Development Bank in December last year, Hanwha, the nation’s seventh-largest conglomerate, has obtained approval from other necessary antitrust authorities o

Industry April 16, 2023

NCSoft and Kakao Games -- two of the biggest game companies in South Korea -- are clashing over the issue of copyright infringement as the companies have taken the case to court. NCSoft filed a lawsuit against XL Games and its parent company Kakao Games with the Seoul Central District Court on April 5, claiming that the game developers’ ArcheAge War imitated the content and system of NCSoft’s Lineage 2M. NCSoft is seeking compensation of 1.1 billion won ($830,000), according to indus

Technology April 13, 2023

South Korean game maker Netmarble and global metaverse gaming platform The Sandbox have signed a strategic partnership to enhance gaming content and provide various experiences to players, officials said Wednesday. According to the announcement, The Sandbox will set up a Netmarble intellectual property space within the K-Verse -- a specialized space dedicated to Korean culture and entertainment in the virtual world -- to offer players a chance to immerse themselves in Netmarble’s popular c

Technology April 12, 2023

The third launch of Nuri, the Korean homegrown space launch vehicle, has been set to take place on May 24, the Ministry of Science and ICT said Tuesday. According to the ministry, the Nuri rocket, also known as the Korean Satellite Launch Vehicle II, will blast off from the launch pad at 6:24 p.m. at the Naro Space Center in Goheung, South Jeolla Province. The preliminary launch period will be from May 25 to 31. The ministry said that the Nuri rocket had completed the process of assembling the f

Technology April 11, 2023

LS Group Chairman Koo Ja-eun has completed a nine-day trip to Europe as the South Korean conglomerate looks to expand its presence in the electric vehicle ecosystem of the region. According to LS Group Monday, Koo visited the local production sites of LS Cable & System and Superior Essex in Germany, Poland and Serbia from April 2-9. Koo conducted on-site tours to check the manufacturing processes of copper wires for EVs, battery parts and communication cables during his first overseas trip s

Industry April 10, 2023

Dozens of customers were seen waiting in the lounge of the first floor at Han Sung Motor’s Mercedes-Benz Seongdong Service Center on a Thursday afternoon. About two hours later, only several remained. As the official dealer of Mercedes-Benz cars, it showed Han Sung Motor’s swift customer service for Korean owners of the German luxury brand. “The first keyword is superior customer dedication. Under superior customer dedication, we understand customers’ intricacy, customer

Mobility April 10, 2023

South Korea will invest 160 trillion won ($121 billion) to secure core technologies in the country’s three major sectors -- semiconductor, display and battery -- through 2027, the Ministry of Science and ICT said Thursday. “The semiconductor, display and next-generation battery sectors are the supporting technologies that have stably backed up our economy based on the super capabilities of the private sector,” said Science Minister Lee Jong-ho. According to the government&rsquo

Technology April 6, 2023

LG Energy Solution has secured a supply chain of critical material for making electric vehicle batteries in Morocco in its efforts to bolster its readiness for toughened regulations in its key markets -- the US and Europe. According to the South Korean battery maker on Wednesday, the company signed a memorandum of understanding with Chinese lithium compounds producer Yahua to produce lithium hydroxide in the North African country. The US’ Inflation Reduction Act and EU’s Critical Raw

Mobility April 5, 2023

The US government has turned down Korea Hydro & Nuclear Power’s report on bidding for a nuclear power plant project in the Czech Republic, raising concerns that the Korean export plans of reactors may fall short due to ongoing litigation with Westinghouse Electric Co. The documents, which were submitted to the US District Court in Washington, showed Wednesday that KHNP submitted the relevant paperwork to the Department of Energy in December in compliance with the US Code of Federal Reg

Technology April 5, 2023

Masta Electric Vehicle on Tuesday signed a partnership with the Korean federation of small and medium business (SME) groups to support SME owners and expand its presence in the market. The two sides inked a memorandum of understanding at Masta Electric Vehicle’s exhibition booth at the Seoul Mobility Show held at Kintex in Gyeonggi Province. Representing some 20 SME groups and their 7 million members nationwide, the SMEs federation bought 400 units of Masta Him, the automaker’s small

Mobility April 4, 2023

South Korea’s Fair Trade Commission is closely reviewing Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering as it could lead to unfair trade practices if completed, officials said Monday. “The issue is that ships are used in battle. They are weapons. In terms of the weapons system, Hanwha has a high market share and possesses control over the market. There are other companies that make military ships other than DSME. In this case, there is a possibility th

Industry April 3, 2023

LS Materials, a secondary battery subsidiary of LS Cable & System under the South Korean conglomerate LS Group, will attempt to go public on Korea’s secondary tech-heavy bourse, the Kosdaq, this year, officials said Monday. According to LS Cable & System, LS Materials signed a representative management contract with KB Securities and Kiwoom Securities for its initial public offering. The secondary battery maker plans to file for a preliminary review with the Korea Exchange before t

Industry April 3, 2023

South Korean battery makers are breathing a sigh of relief as the US Treasury Department’s newly unveiled guidance on battery sourcing does not require them to change their current production process right away to receive the US government’s subsidies provided to electric vehicle buyers under the Inflation Reduction Act. Under the IRA, EV and battery makers have to meet certain requirements for both the critical minerals and battery components contained in the vehicle to be eligible

Industry April 2, 2023