Economy

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  Doosan develops 10-kilowatt SOFC with world's highest electricity generation efficiency SEOUL -- Doosan Corporation, the holding company of South Korea's Doosan Group, has diversified a lineup of fuel cells for buildings and houses by completing the development of a 10-kilowatt solid oxide fuel cell system with the world's highest electricity generation efficiency. Commercial production is possible from 2022. Doosan said the power generation efficiency of its solid oxide fuel cell system is higher than that of polymer electrolyte membrane fuel cells, also kno 2021-09-02
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  GS E&C to work with VentaVR to provide metaverse safety education SEOUL -- GS E&C, a major builder in South Korea, teamed up with VentaVR, a domestic virtual reality content developer, to meet increasing demands for metaverse-based safety education content. They will jointly provide a range of virtual reality content to raise awareness about safety accidents. The metaverse is a digital world that offers firsthand experiences, created by the convergence of physical reality and virtual spaces. According to South Korea's National Assembly Res 2021-09-01
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  CJ ENM to develop virtual intellectual properties targeting global market SEOUL -- South Korea's leading entertainment group CJ ENM teamed up with AFUN Interactive, a domestic 3D content producer, to develop virtual intellectual properties targeting global markets and support APOKI, a virtual musician created by AFUN that garnered more than 24 million views on YouTube with its first digital single "Get It Out" released in February this year. CJ ENM, which created the Oscar-winning film "Parasite," said in a statement on September 2021-09-01
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  S. Korean companies agree to replace imported pellets with domestic biomass fuel from 2025 SEOUL -- SGC Energy and two other domestic power generation companies joined a government campaign to strengthen energy security by using domestic biomass fuel from 2025 instead of imported wood pellets. The three companies have used bio-mix fuel combustion by mixing fossil fuels exceeding 10 percent of the total calorific value. Pellets are biofuels made from compressed organic matter or biomass. Wood pellets are the most common type of pellet fuel and are generally made from com 2021-09-01
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  Doosan Heavy joins X-energy's development of high temperature gas-cooled reactor SEOUL -- Doosan Heavy Industries & Construction, a key contractor in South Korea's nuclear power industry, has sealed a contract with X-energy, an American small modular reactor company, to participate in the development of a high-temperature gas-cooled reactor that uses helium gas as a coolant instead of water. Under an engineering service agreement with X-energy, Doosan Heavy said it would support designing a small modular reactor (SMR) by performing a study for optimum 2021-09-01
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  S. Korea launches safety monitoring system for hydrogen fuel charging stations SEOUL -- South Korea's real-time safety monitoring system for hydrogen fuel charging stations was kicked into operation to thoroughly manage hydrogen fuel infrastructure and prevent accidents. When an abnormal phenomenon is detected, the system will warn its control tower. As South Korea pushes for complete carbon-zero by 2050, more and more electric, plug-in hybrid and fuel cell vehicles are on the road. As of 2020, some 830,000 clean energy vehicles were registered, along with 2021-08-31
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  Basic design of CO2 injection platform for offshore storage obtains DNV certification SEOUL -- The basic design of a carbon dioxide injection platform for offshore storage has obtained certification from DNV, an international accredited registrar and classification society based in Norway. The platform will be used for a project launched by South Korea's national oil and gas company to use a waste gas field for carbon capture and storage. The platform will be used to store 400,000 tons of captured and liquefied CO2 every year from 2025 in a gas field stratum, 2021-08-31
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  Netmarble sets up metaverse company to develop VR idols SEOUL -- South Korea's leading game publisher Netmarble has established a metaverse company to develop a management solution for virtual idols and game-related content for users grounded by a COVID-19 pandemic. The metaverse is a digital world, generated by the convergence of physical reality and virtual spaces where users can have hands-on experiences through avatars. Netmarble said that it has established a VR content development wing named Metaverse Entertainment to produce V 2021-08-31
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  State research institute to localize titanium alloy components SEOUL -- To help South Korean manufacturers reduce their dependency on foreign titanium alloy components, a state research institute has forged an alliance with local metal alloy manufacturers to develop and localize lightweight and ultra-durable metal alloy products. Titanium (Ti) is a very durable metal that is very light and corrosion-resistant. Because it's about 40 percent lighter than steel, titanium alloy is used in the production of aerospace components, implants, medica 2021-08-31
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  Domestic use of transparent OLED windows for trains wins government approval SEOUL -- The domestic use of transparent OLED (organic light-emitting diode) windows for high-speed trains secured final state approval after they were first introduced in other countries like China. The move would help LG Display, a major flat-panel maker affiliated with South Korea's LG Group, boost exports of its innovative technology. LG Display's 55-inch OLED train window with a transparency of 40 percent can display operation information, advertisements and entertainme 2021-08-31
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  Researchers develop technology to manufacture silicon-graphene anode materials for batteries SEOUL -- A research team in South Korea has developed technology to manufacture anode materials for high-capacity lithium-ion batteries through the combination of silicon and graphene. The technology strengthened price competitiveness while solving shortcomings of silicon, which is used for anode materials. Silicon has a higher energy density than graphite and is much faster in charging and discharging. However, it has the problem of expanding volume during charge and discharge. G 2021-08-30
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  SK Energy to digitally transform domestic logistics company thru eco-friendly solutions SEOUL -- Seeking a business model that can meet demands for the digital transformation of conventional logistics infrastructure into an eco-friendly and sustainable system, South Korea's top oil company SK Energy joined hands with Logisquare, a domestic business-to-business logistics service company. They will add charging infrastructure for electric vehicles and hydrogen fuel cell vehicles at old logistics stations. Digital transformation is a process in which a traditional ser 2021-08-30
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  Kolon Industries partners with Switzerland's Gr3n to produce recycled PET chips for various applications SEOUL -- Kolon Industries, a chemical and textile manufacturing company in South Korea, will produce recycled polyethylene terephthalate (PET) chips for various applications with eco-friendly and high-quality raw materials from Gr3n, a Swiss company that invented an innovative process to chemically PET bottles and food containers. Gr3n's technology is based on the application of microwave technology to alkaline hydrolysis, which provides an economically viable recycling process 2021-08-30
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  LG Chem partners with Velolia R&E to produce transparent thermoplastic using recycled materials SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, has joined hands with the South Korean artificial marble recycling branch of France's environmental service company Veolia Environment to use recycled materials for creating acrylonitrile butadiene styrene, a common thermoplastic polymer known as ABS which is widely used in manufacturing household and consumer goods as well as medical and industrial products. ABS is impact-resistant and heat-resistant, making t 2021-08-30
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  Busan to adopt AI device to prevent yard tractor drivers' drowsy driving SEOUL -- The operator of Busan Port, the world's fifth-largest port, will develop an artificial intelligence-based device to prevent drowsy driving. The device will monitor drivers in real-time and warn them if they fall asleep. A yard tractor is a large vehicle that carries containers and cargo around port facilities. Data released by the National Assembly in 2020 shows that 86 accidents, involving two fatal yard tractor accidents, took place at the Busan Port some 326 kilomete 2021-08-30
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  POSCO Energy to develop low carbon technology using waste heat SEOUL -- POSCO Energy, an energy producer affiliated with South Korea's POSCO steel group, teamed up with Innowill, a domestic compact heat exchanger developer, to demonstrate and develop advanced cogeneration technologies. The company aims to secure core technologies that can reduce carbon emissions using waste heat generation and lay the groundwork for entering the waste heat generation market. Cogeneration refers to the use of waste heat that occurred during the manufacturing 2021-08-27
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  SKC embarks on commercialization of pyrolysis plant to create fuel using waste plastics SEOUL -- SKC, a leading polyester film and chemical material manufacturer in South Korea, will kick-start the commercialization of a pyrolysis plant in the southern port city of Ulsan to produce fuel using waste plastics. The commercialization project will be jointly carried out with Japan's recycling energy company Kankyo Energy. The pyrolysis technique uses extreme heat and pressure to break down plastics and convert them to oil. Recycled oil is processed into medium crude and 2021-08-26
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  POSCO Chemical's board endorses new investment to expand precursor and cathode production in China SEOUL -- In an effort to establish a stable supply network of raw materials for electric vehicle batteries, South Korea's steel group POSCO endorsed the injection of 281 billion won ($240 million) to expand the production capacity of precursor and cathode joint ventures with Huayou Cobalt in China. The battery industry requires nickel and cobalt to be supplied in specific chemical forms for the production of precursor material. The steel group regards battery materials as its 2021-08-25
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  ​Online mall operator 11ST launches Amazon shopping service for S. Korean consumers SEOUL -- 11ST, the online shopping mall wing of South Korea's largest mobile carrier SK Telecom, has launched a shopping service for consumers who wish to buy from Amazon, the world's largest online shopping mall. Products directly sold by Amazon are available through 11ST's online mall. South Korea has a 160 trillion won ($137.2 billion) online shopping mall market as of 2020. Despite a thriving market, consumers who wish to buy products sold through foreign online st 2021-08-25
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  Kolon Industries earmarks $202 mln to beef up aramid fiber production capability SEOUL -- Kolon Industries, a chemical and textile manufacturing company in South Korea, will invest 236.9 billion won ($ 202.9 million) to double the production capacity of aramid fiber that would be used mainly for 5G communication cables and tires for electric vehicles. Aramid is a lightweight, highly durable synthetic material that is created in a form of fiber. Aramid fabric is about five times stronger than steel. Due to its high durability and heat resistant characteristics, t 2021-08-25