Battery Industry Innovation Strategy: Public-Private Battery Alliance

Country / jurisdiction: Korea · Year: 2022 · Status: In force · Level: National · Type: Voluntary

The Korean government has convened private partners for battery technology R&D and commercialization efforts through a series of roundtable meetings of a Public-Private Battery Alliance. The initiative identifies five immediate policy objectives as the following:Next-generation battery technology R&DDevelopment of mass-market productsResponse to US Inflation Reduction Act and other trade challengesBuild-up of supply chain through domestic investmentCircular economy system for all stages of battery lifeThe Public-Private Batter Alliance is a follow-up initiative to the overall Battery Industry Innovation Strategy announced in 2022. The Strategy sets a target of 40% global market share by Korean battery manufacturers by 2030, and supports more than KRW 50 trillion in domestic private investment by 2030.

Announced funding support includes KRW 1 trillion in government R&D investment by 2030. For next-generation battery technologies, including all-solid-state, lithium-sulfur and lithium-metal batteries, the government planned a KRW 150 billion preliminary feasibility study. The LFP battery commercialisation foundation project is supported with KRW 4.7 billion. Financing support for the domestic battery industry includes KRW 5 trillion in loans and guarantees over five years. Critical mineral supply-chain and refining projects are supported through KRW 3 trillion in loans and guarantees over five years.

Official source: https://www.korea.kr/briefing/pressReleaseView.do?newsId=156534055