<p>The South Korean government and its top battery companies plan to jointly invest 20 trillion won ($15.1 billion) through 2030 to develop advanced battery technologies including solid-state batteries, the industry ministry said on Thursday.</p>.<p>"The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others," the ministry said in a statement.</p>.<p>South Korea is home to three of the world's five biggest electric vehicle (EV) battery makers --LG Energy Solution Ltd (LGES), Samsung SDI Co Ltd and SK On.</p>.<p>The trio collectively control more than a quarter of the global EV battery market and supply major automakers including Tesla Inc, Volkswagen AG, General Motors Co and Ford Motor Co.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/entertainment/entertainment-news/k-pop-star-and-bts-member-j-hope-starts-mandatory-military-service-1210672.html" target="_blank">K-pop star and BTS member J-Hope starts mandatory military service</a></strong></p>.<p>The ministry said the three battery firms will build pilot production plants in South Korea that will serve as their product and manufacturing innovation centres.</p>.<p>The plants will be used to test and manufacture advanced products such as solid state batteries, cylindrical 4680 cell batteries and cobalt-free batteries before launching mass production from their overseas production sites.</p>.<p>EV battery makers are racing to develop new battery technologies that promise longer driving range, higher energy density and better safety than the conventional lithium-ion batteries.</p>.<p>Chinese battery giant CATL unveiled on Wednesday a condensed matter battery that it hopes to start mass production of later this year to power EVs.</p>.<p>The world's top battery maker said last month it was finding it difficult to come up with a technologically feasible and competitive product based on solid state batteries, a technology that is also being researched by Japan's Toyota Motor Corp and Germany's Volkswagen.</p>.<p>The industry ministry said South Korea aimed to quadruple dometic production capacity of cathode materials and triple exports of battery production-related equipment with the investment.</p>.<p>The plan comes after the government earlier this month announced a 7 trillion won financial support plan for domestic battery makers seeking to invest in infrastructure in North America to help them cope with the US Inflation Reduction Act.</p>.<p><em>($1 = 1,328.3900 won)</em></p>
<p>The South Korean government and its top battery companies plan to jointly invest 20 trillion won ($15.1 billion) through 2030 to develop advanced battery technologies including solid-state batteries, the industry ministry said on Thursday.</p>.<p>"The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others," the ministry said in a statement.</p>.<p>South Korea is home to three of the world's five biggest electric vehicle (EV) battery makers --LG Energy Solution Ltd (LGES), Samsung SDI Co Ltd and SK On.</p>.<p>The trio collectively control more than a quarter of the global EV battery market and supply major automakers including Tesla Inc, Volkswagen AG, General Motors Co and Ford Motor Co.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/entertainment/entertainment-news/k-pop-star-and-bts-member-j-hope-starts-mandatory-military-service-1210672.html" target="_blank">K-pop star and BTS member J-Hope starts mandatory military service</a></strong></p>.<p>The ministry said the three battery firms will build pilot production plants in South Korea that will serve as their product and manufacturing innovation centres.</p>.<p>The plants will be used to test and manufacture advanced products such as solid state batteries, cylindrical 4680 cell batteries and cobalt-free batteries before launching mass production from their overseas production sites.</p>.<p>EV battery makers are racing to develop new battery technologies that promise longer driving range, higher energy density and better safety than the conventional lithium-ion batteries.</p>.<p>Chinese battery giant CATL unveiled on Wednesday a condensed matter battery that it hopes to start mass production of later this year to power EVs.</p>.<p>The world's top battery maker said last month it was finding it difficult to come up with a technologically feasible and competitive product based on solid state batteries, a technology that is also being researched by Japan's Toyota Motor Corp and Germany's Volkswagen.</p>.<p>The industry ministry said South Korea aimed to quadruple dometic production capacity of cathode materials and triple exports of battery production-related equipment with the investment.</p>.<p>The plan comes after the government earlier this month announced a 7 trillion won financial support plan for domestic battery makers seeking to invest in infrastructure in North America to help them cope with the US Inflation Reduction Act.</p>.<p><em>($1 = 1,328.3900 won)</em></p>