Space Hub, an aerospace task force of Hanwha Group, will form a joint space research center with the Korea Advanced Institute of Science and Technology to launch an intersatellite-link project. Hanwha and KAIST will invest 10 billion won ($8.8 million) into the space research center, the largest one formed by a private company and a university, officials said Monday. The first project will involve the development of intersatellite-link technology, which enables data transmission by shooting las

SK Chemicals said Monday that it acquired a 10 percent stake in Shuye, a Chinese firm that specializes in recycling plastic waste, to commercialize eco-friendly plastic called glycolmodified polyethylene terephthalate, or PETG. PETG is a plastic free of environmental hormone bisphenol A, an industrial chemical used to manufacture typical plastic. PETG offers the same transparency as glass but offers greater durability. PETG made by SK Chemicals is currently supplied to global cosmetics brand

South Korea’s top four conglomerates are reviewing investments worth 40 trillion won ($35.5 billion) in the US as President Moon Jae-in prepares for his first summit with President Joe Biden on Friday. Industry watchers say that although investments from Samsung, Hyundai, SK and LG are intended to respond to Biden’s protective policies -- such as strengthening chip and battery supply chains, the Buy American policy and Green New Deal initiative -- they are likely to act as a dipl

LG Chem has purchased shares worth 40 billion won ($35.5 million) in Jiujiang DeFu Technology, a Chinese firm that manufactures copper foils for electric vehicle batteries, the firm said Sunday. A copper foil is a sheet of copper 15 times thinner than a strand of hair. Copper foil is where electricity flows in battery’s anodes, or the negative side. The thinner the copper foils are, the more materials can be packed inside, making batteries more powerful. DeFu is the No. 3 copper foil

Samsung SDI President and CEO Jun Young-hyun is expected to visit Hungary next month, where the firm is currently building its second factory for electric vehicle batteries, industry sources with knowledge of the matter said Sunday. The visit would be Jun’s first overseas trip since the pandemic broke out last year. Jun has received the first jab of the two-shot vaccine regimen for the trip and will be accompanied by a vice president, according to the industry sources. In response to a

Korea Electric Power Corp. said Friday its operating profit for the first quarter surged 32.8 percent on-year to 571.6 billion won ($505.9 million), while its revenue fell 0.1 percent to 15 trillion won in the same period. The state-owned, electricity-focused utility said that it saved 192.1 billion won in fuel costs as global fuel prices are staying low due to lack of demand amid the coronavirus outbreak. South Korea is currently almost wholly dependent on fuel imports in producing electricit

LIG Nex1 has signed a deal worth 164 billion won ($14.5 million) with the Defense Acquisition Program Administration to mass produce Korean-made maritime surveillance radar, officials said Friday. The Maritime Surveillance Radar-II, developed by LIG Nex1 and to be deployed to the military starting next year, offers greater detection capabilities than existing radars made with technologies borrowed from the US defense firms, according to the DAPA. The radar is enveloped in a dome and therefo

Hanwha Group, the seventh-largest conglomerate in South Korea, said Friday that its operating profit for the first quarter spiked to 848.5 billion won ($751.6 million), up 186 percent on-year. The net profit also soared 343.94 percent during the same period to 819.9 billion won, largely on the back of the group’s disposal of unprofitable businesses. Its revenue slipped 11.23 percent to 12.8 trillion won. Hanwha Group’s better-than-expected performance was propelled by key affiliat

Samsung SDS on Thursday introduced Cello Square 4.0, a digital logistics platform that makes air and ocean freight shipping as easy as online shopping. According to the IT solutions unit of Samsung Group, the new platform, set for launch in August, is designed to support export activities of small and mid-sized companies who lack experience in large-scale shipping. “When clients export big cargo or a large amount of goods from point A to point Z, they have difficulties in finding the r

The United Nations on Thursday accused South Korean companies, including Samsung and LG, to have allegedly sourced items from factories in China’s Xinjiang region that has been embroiled in forced labor allegations. According to the Office of the UN High Commissioner for Human Rights, its special rapporteurs dealing with issues including slavery, torture and human trafficking sent a letter to the Korean government on Wednesday demanding explanations on the case. “We note that the

S-Oil said Wednesday that it has established an environmental, social and governance committee to step up its sustainability management. “The committee will conduct systematic, integrated management of ESG activities,” a company official said. The committee, which will convene a regular meeting every quarter, consists of seven members each in charge of business management strategy, corporate affairs, safety and environment, refinery innovation and coordination, finance, complia

Hanwha Group has clinched a 5 trillion won ($4.4 billion) commitment from the Korea Development Bank to finance its environmental, social and governance efforts over the next five years, the company said Wednesday. According to South Korea’s seventh-largest conglomerate, the money will be used to acquire and operate eco-friendly solar and hydrogen businesses, as well as to invest in facilities. 　 “Hanwha Group will prepare the next decade as the green energy leader by advancing

SK Inc. said Tuesday it has invested an additional 40 billion won ($35.7 million) into a next-generation lithium-metal battery developer Solid Energy Systems after making an initial investment of 30 billion won in 2018. According to the holding firm of SK Group, the investment will allow the company to become the third-largest shareholder of SES after Singapore’s sovereign wealth fund Temasek and SES founder and CEO Qichao Hu. SES, which started as a spinoff of the Massachusetts Insti

Hanwha Solutions said Tuesday that its net profit in the first quarter surged 500 percent on-year to 385.2 billion won ($344.1 million), a record quarterly figure. Revenue increased 6.9 percent to 2.4 trillion won and operating profit spiked 52.4 percent to 254.6 billion won in the same period. “The record performance was propelled by a booming petrochemical business and the liquidation of some Galleria department store buildings,” a company official said. Hanwha Solutions was l

Pohang University of Science and Technology has developed a nanotechnology that can reduce the size of a LiDAR sensor to smaller than that of a thumb. LiDAR, short for light detection and ranging, is considered a key device to enable self-driving technologies. Typically mounted on the roofs of autonomous vehicles, conventional LiDAR sensors rotate and emit lasers to surrounding objects. By measuring the return time of light pulses, the sensors construct a 3D image of the surrounding environm