Over the Next Five Years, South Korea Will Provide $29 Billion to Support the Battery Industry

As the global race to secure battery supply chains continues, South Korea will contribute 38 trillion won ($29 billion) in finance to enhance its battery industry over the next five years

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According to a joint statement from many ministries, as of 2022, South Korean battery companies such LG Energy Solution

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It further stated that diversification was essential due to their reliance on other nations for essential materials.

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It also wants to bolster financial assistance for businesses that recycle and refine minerals.

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As sales of electric vehicles decline, South Korean battery companies have revised down their projections for 2024 sales

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In addition, it would pay around 199 billion won to acquire a 99.9% share in Human Value Developers in India, per an exchange filing.

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