In an effort to remain ahead of rivals in the race for electric vehicles, South Korea will invest 20 trillion won ($15 billion) by 2030 to deliver the first solid-state batteries to the world.
According to a statement from the presidential office, the investment would be done jointly by the public and private sectors with a goal of being the first nation in the world to commercialise solid-state batteries.
According to BloombergNEF, solid-state batteries have emerged as the most promising technology for reducing the weight and cost of electric storage, and several significant manufacturers have plans to commercialise them this decade. However, Contemporary Amperex Technology Co., the largest battery manufacturer in the world, expressed doubt about the technology on Wednesday while promoting a condensed state battery.
The declaration from South Korea also includes a goal to start commercial manufacturing of lithium-iron phosphate batteries in 2025 and to treble the country’s cathode-material production capacity in the following five years.
