Korean, Taiwan Groups to Collaborate on Lithium Storage Batteries
Within 2 weeks of the South Korean Ministry of Knowledge Economy (MKE) releasing a preliminary long term energy plan to nearly double its production of lithium next
year, the country's top crude oil producer, SK Energy, has announced that it would cooperate with Taiwan's oil refiner Formosa Plastics Group (TPE:1301) to develop energy storage batteries.
Under a signed agreement, the two companies will collaborate on efforts to develop and produce lithium batteries for energy storage, which can store up to 1,000 times more energy than electric vehicle batteries, SK Energy said in a statement on December 28. The company was chosen as a supplier of lithium-ion batteries for a hybrid electric vehicle project for the Daimler (PINK:DDAIF) unit Mitsubishi Fuso last year, and for Hyundai Motor and Kia Motors electric vehicles in July.
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