LG, SK reach last-minute settlement in US battery dispute
By IANS |
Published on
Sun, Apr 11 2021 9:51 IST |
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Seoul, April 11 : Two Korean battery makers LG Energy Solution Ltd and SK Innovation have reached a settlement in a trade secrets dispute in the US, company officials said on Sunday, hours before a deadline for an import ban on SK.
The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ban on SK, while temporarily allowing shipments of battery components for Ford and Volkswagen to give them time to find new suppliers.
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(Bloomberg) Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. trade dispute, sparing President Joe Biden from choosing between undermining intellectual property rights or dealing a politically toxic blow to his climate agenda.
(Bloomberg) Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. trade dispute, sparing President Joe Biden from choosing between undermining intellectual property rights or dealing a politically toxic blow to his climate agenda.
SK Innovation Co. agreed to pay 2 trillion won ($1.8 billion) to LG Energy Solution, a unit of LG Chem Ltd., according to a statement from the two companies. The payment is divided equally in cash and royalties, they said.
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The companies pledged to work together to strengthen the EV battery supply chain in the U.S. and support the Biden administration s efforts to advance clean energy policies.
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