Eight industrial heavyweights including Hyundai Automotive Group and the Samsung Group are reported to be investing 8,179.4bn won (US$67.3bn) in the new energy industry.Other companies part of the conglomerate which signed off the investment plan include LS Industrial Systems, LG Electronics, Hanwha Q Cells, SK E&S, POSCO ICT, Samsung SDI, KT and Hyundai Motor, says Business Korea.
The initiative is supported by the Ministry of Industry, Trade and Resources.
The investment is broken down into 496.6 billion (US$408m) won for energy saving systems (ESSs), 6,205.1 billion won (US$5.1bn) for electric vehicles, 997.1 billion (US$820m) won for solar power generation and 480.6 billion (US$395m) won for smart grids and others.
Government support for new energy
The Korean Ministry of Industry, Trade and Resources will offer its support to companies investing in the new energy venture, by easing regulations and expanding government-run companies’ preemptive investment, adds Business Korea.
[quote] The Ministry is moving forward with an alliance created to develop new business models through exchanges between business sectors. It will also work to secure future competitiveness by way of fusion and convergence R&D.
Stakeholders in the industry including automakers, battery developers, telecommunications and information technology (IT) companies and insurers are coming together through collaboration in the electric/smart car sector.
Hyundai Automotive Group and the Samsung Group and other partner companies are engaged in a zero-energy building development project which involves high-efficiency appliance manufacturers, new and renewable energy developers, architectural designer and construction firms.
The Ministry of Industry, Trade and Resources is working toward the improvement of systems to enhance companies’ profitability and reduce investment risk such as easing regulations on electric power trade, disclosing big data in the electric power sector, easing regulations on the domestic energy saving systems market and the expansion of electric car charging stations to the private sector.