Economy

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  Orsted selects POSCO as partner for wind farm and green hydrogen projects SEOUL -- Orsted, a Danish power company involved in major offshore wind power projects in the world, selected POSCO as a crucial business partner for green hydrogen and offshore wind power businesses. The Danish company has promised to shape a competitive supply chain with local companies for a major offshore wind power complex to be built off South Korea's west coast. POSCO, a leading steel group in South Korea said that it signed a memorandum of understand 2021-05-27
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  Maritime classification society launches joint study on eco-friendly rotor sail system SEOUL -- South Korea's maritime classification society launched a joint study on a rotor sail system, which is seen as an eco-friendly technology for reducing fuel and carbon dioxide emissions. The study will focus on verifying the efficiency of auxiliary devices and developing technologies to cope with carbon regulations. Korean Register (KR), which offers verification and certification services for ships and marine structures, partnered with Pan 2021-05-26
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  KNOC kicks off demonstration project to store CO2 into waste gas field SEOUL -- South Korea's national oil and gas company kicked off a demonstration project involving private companies and state research bodies to transport and store captured carbon dioxide into a waste gas field in the sea between Japan and the Korean peninsula. South Korea aims to collect some 10.4 million tons of carbon dioxide by 2030. Carbon capture and storage (CCS) is the process of capturing waste carbon dioxide, transporting it to a storage si 2021-05-26
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  Hanwha Systems makes strategic $30 mln investment in U.S. satellite communications company SEOUL -- Hanwha Systems, a key defense contractor involved in the development of antennas in South Korea, has secured U.S approval to make a strategic $30 million investment in Kymeta, an American satellite communications company. The investment underscores Hanwha's push for the development of low-orbit satellite communication technologies that could be used for air taxis. Hanwha Systems said its investment in Kymeta has been approved by a 2021-05-26
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  EOFlow's innovative insulin pump ready for sales in Europe in second half SEOUL -- EOFlow, a provider of wearable drug delivery solutions in South Korea, will start selling an innovative wearable and disposable insulin pump in Europe in the second half of 2021 following its full launch in the domestic market in March. The pump called "EOPatch" will go with a controller and a smartphone app. The insulin pump will be available in countries such as Canada and Australia that honor CE marking (CE Mark), an administrative marking 2021-05-26
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  S. Korean companies join hands to launch green ammonia consortium SEOUL -- In an effort to secure a competitive edge in the global market, a six-member consortium was launched in South Korea to establish a green ammonia value chain covering production, maritime transportation and storage. Ammonia has been proposed as a potential zero carbon marine fuel due to its stability in supply and relatively easy storage and transportation. Consortium participants signed a memorandum of understanding for transportation and bunkering, whi 2021-05-25
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  Eco-friendly shrimp farm kicks into operation using wastewater from nearby thermal power plant SEOUL -- An eco-friendly aqua shrimp farm that uses wastewater from a nearby thermal power plant for heating was kicked into operation. The 16,270-square meter farm sized about three football fields is South Korea's largest land-based aquafarm. Thermal power plants suck in water from a nearby water source such as a river or a lake for cooling. Coldwater is heated during the process before it is released back to the source. The wastewater 2021-05-24
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  Doosan Heavy recovers lithium carbonate from waste batteries without using chemicals SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's nuclear power industry, has developed a new method of recovering lithium carbonate by recycling waste batteries without using chemicals. Lithium carbonate is an important industrial chemical used mainly as a precursor for compounds used in lithium-ion batteries. Doosan Heavy said it would push for a demonstration facility capable of treating 1,500 tons of spent batterie 2021-05-24
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  Kakao's mobility service launches digital gift train ticket service SEOUL -- Kakao Mobility, the mobility service wing of South Korea's web service giant Kakao, has launched a digital gift ticket service for trains. The service targets customers who wish to make train ticket reservations for their family members. Previously, a third-party train ticket reservation app only allowed users to reserve tickets for themselves due to security issues regarding the handling of digital personal information. Old people mainly v 2021-05-21
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  Daewoo shipyard ties up with Hyosung to develop shaft generator motor using permanent magnet SEOUL -- South Korea's Daewoo shipyard teamed up with Hyosung Heavy Industries, an electrical power equipment maker, to develop and localize shaft generator motors using permanent magnets that could be used for large-capacity container ships. The system is an eco-friendly ship component that can increase fuel efficiency and reduce emissions. Daewoo Shipbuilding & Marine Engineering (DSME) said it has signed a memorandum of understanding with Hyosung on join 2021-05-21
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  Convenience store chain GS25 kicks off recycling campaign for ice packs SEOUL -- South Korea's second-largest convenience store franchise GS25 has kicked off a green campaign to recycle palm-sized ice packs filled with water or gel-type super absorbent polymers that are commonly used as a refrigerant for food delivery packages. Many consumers find polymer-based ice packs hard to recycle and just throw them away along with other non-recyclable rubbish. Two kinds of ice packs are available in South Korea. An eco-friendly type uses wa 2021-05-21
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  LIG Nex1 leads state project to commercialize heavy duty fuel cell cargo drone SEOUL -- LIG Nex1, a defense contractor involved in the development of radar and missile guidance systems, has been selected for South Korea's state project to develop a heavy-duty cargo drone powered by hydrogen fuel cells for civilian and military use. LIG Nex1 said it would lead the development of a fuel cell cargo drone that can be controlled remotely or fly automatically with a payload of 200 kilograms. Some 44.3 billion won ($39.3 million) would be in 2021-05-21
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  Lotte Chemical jumps into production of materials for electric vehicle batteries SEOUL -- Lotte Chemical, a major chemical company based in South Korea, jumped into the production of materials for electric vehicle batteries through the production of electrolyte organic solvents, based on high-purity ethylene oxide facilities. Organic solvents account for about 30 percent of electrolytes, but South Korea is heavily dependent on imports. Lotte Chemical said that its board endorsed the proposed spending of 210 billion won ($185 million) 2021-05-20
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  POSCO signs $240 mln deal to acquire 30% stake in Australian nickel mining company SEOUL -- South Korea's steel group POSCO has strengthened its status as the supplier of key materials for electric vehicle batteries by acquiring a 30 percent stake in a nickel mining and smelting company in Australia for $240 million. POSCO said in a statement on May 20 that under a deal with Canada's First Quantum Minerals, the steel group would receive 7,500 tons of nickel in mixed hydroxide precipitate (MHP) per year, beginning in 2024. MHP consists 2021-05-20
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  Hoban completes acquisition of Taihan known for extra-high voltage cables SEOUL -- Hoban, a mid-sized conglomerate in South Korea, completed the acquisition of Taihan Electric Wire, a domestic power cable and grid infrastructure company capable of producing an ultra-high-voltage power cable system that has been coveted by Chinese companies. Demands for extra-high voltage cables are growing thanks to a global clean energy campaign to reduce greenhouse emissions. Taihan said in a regulatory filing on May 18 that Hoban became the largest s 2021-05-18
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  Mobile fashion retail platform Musinsa acquires Styleshare to attract global consumers SEOUL -- South Korea's popular mobile fashion retail platform Musinsa agreed to acquire Styleshare, a domestic online fashion portal, in a bid to attract young female consumers and strengthen its presence abroad. Styleshare is a female-centered social media where users can share fashion content and information. Musinsa, launched as a mobile-based fashion retail platform in 2009, has quickly garnered the attention of young consumers with trendy and affordable 2021-05-18
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  AWS works with Hyundai Construction Equipment to develop fault diagnosis module SEOUL -- Hyundai Construction Equipment, a construction equipment maker affiliated with South Korea's leading Hyundai shipbuilding group, has joined hands with Amazon Web Services to develop a fault diagnosis module that combined artificial intelligence and internet of things technology to collect and analyze real-time data of excavators and accurately detect abnormalities with machine learning technology. Hyundai Construction Equipm 2021-05-17
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  ​Kakao to launch new tailor-made charging service for electric vehicles SEOUL -- The urban mobility service wing of South Korea's web service giant Kakao has partnered with a state power company to launch an electric vehicle charging service that would guide drivers to the nearest and cheapest EV charging station and help them pay with a digital payment system. South Korea with some 820,000 clean energy vehicles including full-electric, hybrid, and hydrogen fuel-cell vehicles, has a relatively small charging infrastructur 2021-05-17
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  Hanwha teams up with KAIST to establish joint space research center SEOUL -- South Korea's Hanwha Group joined hands with a leading state research body to establish a joint space research center that would develop space technologies, starting with low-orbit satellite communication technology that uses lasers to exchange data between satellites. The group said it would inject some 10 billion won (8.8 million) into the center set up by the Korea Advanced Institute of Science & Technology (KAIST) and Space Hub, a group-wid 2021-05-17
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  SK Chemicals secures 10% stake in China's Shuye for stable copolyster production. SEOUL -- SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, has secured a 10 percent stake in Shuye, a Chinese company with technology that can chemically break down polyethylene terephthalate (PET), to establish a stable base for the production of copolyesters using chemical recycling technology. Unlike physical recycling that uses post-consumer recycled (PCR) materials by grinding collected PET bottles and other materials int 2021-05-17