South Korea will invest 20 trillion won ($15 billion) by 2030 to deliver the world’s first solid-state batteries in a bid to stay ahead of competitors in the electric-vehicle race.
(Bloomberg) — South Korea will invest 20 trillion won ($15 billion) by 2030 to deliver the world’s first solid-state batteries in a bid to stay ahead of competitors in the electric-vehicle race.
The investment will be jointly made by public and private sectors, with a plan to become the first country in the world to commercialize solid-state batteries, according to a statement from the presidential office. The plan was announced during a meeting hosted by President Yoon Suk Yeol Thursday.
Solid-state batteries have become the most promising technology to make electric storage lighter and drive down prices, and several major manufacturers have road maps to commercialize them this decade, according to BloombergNEF. However, the world’s largest battery maker, China’s Contemporary Amperex Technology Co., voiced skepticism about the technology as it touted a condensed state battery on Wednesday.
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South Korea’s announcement also included a plan to quadruple the nation’s cathode-material production capacity in the next five years, and begin commercial output of lithium-iron phosphate batteries from 2025.
–With assistance from Dan Murtaugh and Shinhye Kang.
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