GS Caltex said Wednesday it will utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products to bolster its environmental, social and governance efforts. According to the South Korean total energy company, it will begin pilot production of petrochemical products with 500,000 tons of plastic waste oil at the firm’s plant located in Yeosu, South Jeolla Province. “If the pilot project proves successful, GS Caltex will review new investments for buil

Industry Dec. 22, 2021

Hanwha Solutions said Tuesday it will spend 338 billion won ($283.3 million) to add 270,000 tons of production capacity of caustic soda, a key raw material for electric vehicle batteries. According to the chemical and energy unit of South Korean conglomerate Hanwha Group, the investment will allow the company to ramp up the annual production capacity of caustic soda at its petrochemical plant in Yeosu, South Jeolla Province, to 1.11 million tons from the current 840,000 tons. “Hanwha

Industry Dec. 21, 2021

COVID-19 has been a perfect Christmas gift for major chipmakers this year, as the pandemic brought an unprecedented chip demand across the spectrum, from smartphones, laptops and PCs to data centers. To meet the surging demand, foundry giants -- TSMC, Samsung Electronics and Intel -- together have pledged to spend hundreds of billions of dollars throughout the next few years to expand their production capacities. But market watchers warn caution over the aggressive expansion, citing that t

Industry Dec. 21, 2021

“Green” chips, or low-power semiconductors, have become bestsellers among both crypto miners and electric vehicle makers looking to increase their profitability and driving range. According to industry sources Monday, major chipmakers including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics are producing advanced, low-power chips at full throttle, as miners of cryptocurrencies desperately search for chips that consume less electricity. “Conventional chips c

Industry Dec. 20, 2021

Hanwha Q Cells said Monday that its low-carbon solar panels began generating electricity at TotalEnergies’ 55-megawatt solar farm in Gien, France. According to the solar business unit of Hanwha Group, its 126,000 solar panels will produce up to 64 gigawatt-hours of electricity per year -- enough for 71,000 people -- at Total’s solar farm that spans 107 football fields. “Over the course of 30 years, the solar farm will curb carbon emissions worth 550,000 metric tons,”

Industry Dec. 20, 2021

GS Caltex said Friday its drone flew about 1 kilometer over Seoul to successfully deliver heating oil to its destination in a test run. According to the Korean total energy company, the demonstration was performed at the Korea Drone Expo 2021 in Yeouido, western Seoul, Thursday. The drone, which took off from a GS Caltex gas station, flew across the sky and landed at a nearby park 1 kilometer away. There, officials took out the heating oil from the drone and fueled a heater with it. “G

Industry Dec. 17, 2021

SK Group Chairman Chey Tae-won’s younger brother Chey Jae-won will take the post as the co-CEO of SK On, the group’s electric vehicle battery unit. According to SK on Friday, it held a board of directors meeting and appointed the junior Chey as the co-CEO. Chey Jae-won will lead SK On together with current CEO Jee Dong-seob. This is a return to management for Chey eight years after he stepped down from all posts in 2013 when he was sentenced to 3 1/2 years in prison for embezzl

Industry Dec. 17, 2021

SK Inc. said Thursday it has joined in on a $50 million investment into Fulcrum BioEnergy, a US-based firm that turns household waste into low-carbon transportation fuels including those for airplanes. According to the holdings company of South Korea’s third-largest conglomerate SK Group, the investment will allow SK Inc. to make a foray into the Korean bioenergy market. SK Inc. is jointly investing in Fulcrum with a Korean private equity fund and did not disclose the exact amount it h

Industry Dec. 16, 2021

With LG Energy Solution about to go public in January, investors are asking two vital questions. One is, “Should I buy its stocks?” The other is, “But what if there’s another recall?” These questions are perfectly legitimate, considering the hundreds of millions or billions of dollars LG Energy Solution had to cough up to compensate automakers every time its batteries exploded. But whether LG Energy Solution is capable of containing recall risks is the wrong qu

Industry Dec. 12, 2021

SK Group Chairman Chey Tae-won himself will personally explain to South Korea’s antitrust watchdog his reasons why his 253.3 billion won ($214.4 million) stock purchase four years ago was legitimate, and not a sweetheart deal. According to the Fair Trade Commission Sunday, the head of the nation’s third-largest conglomerate is scheduled to voluntarily appear before the antitrust regulator on Wednesday. The 61-year-old tycoon is expected to deliver his defense over allegations tha

Industry Dec. 12, 2021

A rusty railroad abandoned in Seoul brings back old memories and warm nostalgia.  Hang-dong Railroad, located in Guro-gu, Seoul, is a 4.5-kilometer track drenched with a vintage atmosphere, with traces of train stations and destination signs left here and there.  Lined with deep greenery and green barley, the 62-year-old railway is now one of the most beloved places for Seoulites to go and reflect. Beside Hang-dong Railroad, there is the Pureun Arboretum, Seoul’s first arboret

Travel Dec. 11, 2021

LG Energy Solution said Thursday it is mulling a new electric vehicle battery plant worth $2 billion in the Canadian province of Ontario. According to South Korea’s leading battery firm, it is currently in talks with Ontario officials for the new battery factory. The envisioned Ontario plant is part of LG Energy Solution’s plan to invest 5.6 trillion won ($4.76 billion) in North America by 2024 and secure an additional annual production capacity of 55 gigawatt-hours in the regi

Industry Dec. 9, 2021

EcoProBM, an electric vehicle battery material supplier for Samsung SDI and SK On, said Thursday it will build a cathode plant in Hungary worth 970 billion won ($825 million). The Hungarian plant, which is to be EcoProBM’s first overseas investment, will churn out 108,000 tons of cathode material per year once it goes fully operational in the second half of 2025. The production output would be enough to produce batteries for 1.35 million electric vehicles, the company said. Cathodes

Industry Dec. 9, 2021

While Samsung makes a multibillion dollar bet on a new chip fab in the US, SK Group Chairman Chey Tae-won is seeking to chart a different path in the semiconductor business, emphasizing “sustainability” as a prime factor to consider before making major investment decisions. While attending 2021 Trans-Pacific Dialogue held near Washington, DC, on Tuesday, the 61-year-old leader underscored that the key of the chip business is sustainability, not size, when asked of his plan on makin

Industry Dec. 8, 2021

LG Energy Solution said Tuesday it has entered an official stage to go public in January, amid market expectation that the company will join the top five on the list with a valuation of a whopping 70.2 trillion won ($59.5 billion). According to South Korea’s leading battery firm, it submitted a registration statement to the Financial Services Commission to be listed on the nation’s main bourse Kospi. The company seeks to raise up to 12.75 trillion won by offering 42.5 million sh

Industry Dec. 7, 2021