Hyundai Glovis, the logistics arm of Hyundai Group, said Monday it will launch “Ecoh,” a new environmentally friendly business brand which will focus on hydrogen distribution and recycling of electric vehicle batteries. The company also said it would expand its hydrogen distribution and infrastructure operations to nine hydrogen shipping centers by 2030 and supply hydrogen to a total of more than 360 charging stations nationwide. The move comes as part of its plan to expand its eco

South Korea's antitrust regulator said Monday it has decided to fine 22 companies a combined 10.4 billion won ($8.8 million) for colluding to fix prices over projects to set up firefighting equipment. Johnson Controls Korea and 22 firms colluded to fix their quotations between 2011 and 2017 for 304 rounds of bidding by 13 builders to select operators in charge of installing firefighting equipment, according to the Korea Fair Trade Commission (KFTC). Setting up firefighting-related devices and

DUBAI, United Arab Emirates -- The Korea Pavilion at the pandemic-delayed Expo 2020 Dubai finally opened Friday, taking visitors on a journey of the present and future of Korea. The fifth-largest exhibition site at the fair, which was the world’s largest event since the global virus crisis, the Korea exhibit dazzled visitors with 1,597 colorful, rotating cubes mounted outside the building in what is meant to represent the dynamism of its culture and people. Inside, a plethora of advance

South Korean battery maker SK Innovation Co. said Monday that it plans to double the number of researchers to develop electric vehicles (EV) batteries from the current level by 2023. SK Innovation CEO and President Kim Jun made the announcement at a global forum in San Francisco on Saturday (US time). The forum is meant to recruit battery researchers and beef up SK Innovation's network with the US universities and research institutes. SK Innovation did not elaborate on the current level of its

President Moon Jae-in‘s aggressive push for renewable energy has incentivized increasingly more farmers to repurpose their land as solar farms, drawing concerns over South Korea’s food security. According to Ministry of Trade, Industry and Energy data obtained by Rep. Yoon Young-seok of the main opposition People Power Party, farmland amounting to the size of Gangnam -- the third largest district in Seoul – has been transformed into solar farms over the past five years. I

Ministries contradict each other’s energy policies causing industry confusion

Solus Advanced Materials, formerly known as Doosan Solus, said Friday it had split off its bio division as a wholly owned subsidiary Solus Biotech to target the global mRNA vaccine market. The new bio subsidiary will be led by Seo Kwang-byeok, the current CEO of Solus Advanced Materials, and target an annual revenue of 120 billion won ($100 million) by 2025. Solus Biotech supplies organic compounds to global manufacturers of cosmetic, food and pharmaceutical products. The firm commands 95

South Korea’s major milk and dairy product providers are set to raise retail prices of their products next week. Namyang Dairy Products said Friday the company will increase retail prices of commercial milk products by an average 4.9 percent from Oct. 14. The firm said the prices of fermented and processed milk products will be risen 0.3 percent and 1.6 percent on average, respectively. For example, two packs of Delicious MilkGT, Namyang’s best-selling product, will be priced

SsangYong Motor Co. said Friday its sales plunged 40 percent last month from a year earlier on weaker domestic demand. SsangYong Motor sold 5,950 vehicles in September, down from 9,834 units a year earlier, the company said in a statement. Domestic sales dropped 53 percent to 3,859 units last month from 8,208, while exports rose 29 percent to 2,091 units from 1,626 during the same period, it said. From January to September, sales fell 17 percent to 61,854 autos from 74,707 during the same period

South Korea commands almost half of the world’s secondary battery market, but the country‘s reliance on imported materials is growing to an alarming level, data showed Friday. According to the Ministry of Trade, Industry and Energy data obtained by Rep. Kim Kyung-man, the nation’s share of the global secondary battery market spiked from 34.7 percent in 2018 to 44.1 percent in 2020. The country is home to three of the world‘s major battery producers, LG Energy Solution

SK Innovation said Friday it has officially carved out its battery division into a wholly owned subsidiary, SK On. According to SK Innovation, the firm’s board of directors approved the split-off and appointed Jee Dong-seob as the chief of SK On. Some 1,400 staff and executives who belonged to SK Innovation’s battery business will be relocated to SK On to continue electric vehicle battery, battery-as-a-service and energy storage system businesses. Jee, a former executive of SK

SK Inc. said Friday it has injected an additional $55 million into a San Francisco-based alternative protein firm Perfect Day to wade further into the global alternative food market. According to the holding firm of South Korea’s third-largest conglomerate SK Group, the investment was made together with STIC Investments, a leading private equity fund here. This is SK Inc.’s second investment in Perfect Day, after a 54 billion-won ($45.4 million) investment last year. The invest

Siemens Korea announced Wednesday the promotion of Chung Ha-joong to president and chief executive officer. Chung, who served as vice president prior to the appointment, will oversee all businesses of the German technology giant’s Korean unit, effective Friday, while also serving in his current role as head of smart infrastructure and CEO of Siemens Mobility Ltd., Seoul, the firm said. Since joining Siemens Korea in 2000, the new chief has taken up various key roles in energy, mobili

Domestic sales of Samsung Electronics Co.'s new foldable smartphones -- the Galaxy Z Fold3 and the Galaxy Z Flip3 -- are likely to top 1 million units this weekend, industry officials said Friday, as the tech giant tries to popularize the foldable category. The third generation of the Galaxy Z series is set to surpass the 1 million sales milestone just about a month after its launch on Aug. 27, according to the officials in the telecom industry. Such a sales pace is similar to that of the Galaxy

SK Inc., the holding firm of South Korean conglomerate SK Group, said Friday it has additionally invested 65 billion won ($55 million) in Perfect Day, a US alternative milk maker, following 54 billion won of funds last year. SK said it joined the latest round of funding for Perfect Day, which drew $350 million from several global investors, including Horizon Ventures, Temasek, CPP Investments and Bob Iger. Perfect Day, known for its animal-free dairy products, launched an ice cream brand "B