Solid Power in Korea battery tech cooperation talks

Solid Power in Korea battery tech cooperation talks

Solid Power in Korea battery tech cooperation talks 1024 836 Energy Storage Journal

February 1, 2024: Korea is in talks about cooperation in next-generation battery tech with US-based solid-state developer Solid Power, the country’s deputy minister for trade, industry and energy has announced.

Yang Byeong-nae said he met Solid Power COO Derek Johnson in Seoul on January 18 — after the battery company signed R&D collaboration agreements with Korea-based SK On and organizations including the Korea Electronics Technology Institute and the Korea Evaluation Institute of Industrial Technology.

Deals signed by Solid Power with SK On included a battery cell line installation arrangement and an electrolyte supply agreement.

Yang said the government plans to invest KRW117.2 billion ($88 million) by 2028 into a ‘green mobility high-performance next-generation secondary battery technology development project’ and solid-state was a promising contender for support.

He also outlined Korean incentives to encourage foreign investment in the country’s battery sector.

Separately, Solid Power said on January 23 its board had authorized the repurchase of up to $50 million of the company’s shares up to the end of 2025.

Photo: John Van Scoter, president and CEO of Solid Power and Minsuk Sung, CCO of SK On