South Korea to invest $35.24 billion in battery field by 2030

Close-up of battery packs in the the electric car.

The South Korean government has announced that it will invest approximately $35.24 billion in the battery field by 2030.

According to the news in the South Korean press, the Ministry of Commerce, Energy and Industry of South Korea announced that until 2030, in the meeting attended by technology companies in the country, an investment of approximately $35.24 billion will be made in order to strengthen the battery production facilities, R&D studies and human resources trained in this field in the country.

In this context, it was pointed out that the battery production capacity of the country will be increased by 1.5 times until 2025 and that the stability of the supply chain will be given priority in the battery field with the partnership of public-private companies. It has been noted that South Korean-produced batteries are targeted to reach at least 40% of the global battery market by 2030.

At the meeting, it was stated that it was announced that it would invest in important battery technologies that will allow electric vehicles to travel up to 800 kilometers on a single charge.

“Global uncertainty is increasing due to the instability of the supply chain, but the current crisis may be a new opportunity for growth,” said Lee Chang-yang, Minister of Trade, Energy and Industry.

Source: Trthaber / Translated by Irem Yildiz