By Kim Eun-jung SEOUL, Jan. 29 (Yonhap) SK Innovation Co. said Friday it turned to the red in 2020 on heavy losses from its refinery business hit by the COVID-19 pandemic but plans to expand investment to increase production of electric vehicle batteries. South Korea s top refiner said it posted 2.2 trillion won (US$2 billion) in net losses last year, turning from a net profit of 65.7 billion won a year earlier, the company said in a regulatory briefing. The annual operating losses reached a record of 2.6 trillion won for the year, also shifting from an operating profit of 1.1 trillion won in 2019. Its sales tumbled 30.7 percent on-year to 34.2 trillion won.
SDI s battery business set to grow in Q4
Posted : 2021-01-11 10:20
Updated : 2021-01-11 20:35
Samsung SDI exhibited the BMW i3 equipped with its batteries and displayed other new automotive technology at its booth during the International Electric Vehicle Expo held on Jeju Island in 2019. / Courtesy of Samsung SDI
By Kim Bo-eun
Samsung SDI seems set to boost profits as the energy storage technologies it is developing will play a key role in reducing carbon emissions. Plus, the electrification of transport from vehicles and trucks, to ships, trains and planes will drive a huge upside for battery and fuel cell makers, and associated supply chains.
LG, SK to accelerate BaaS business
Posted : 2021-01-08 16:29 By Kim Bo-eun
LG Energy Solution CEO Kim Jong-hyunLG and SK are set to expand their battery as a service (BaaS) business model this year.
This comes after related regulations were revised so that battery makers that had received government subsidies no longer have to return used batteries to the local authorities as they had to before.
The revisions now allow the companies to develop businesses with them such as battery charging, swapping and upgrading. Utilizing accumulated battery data and vehicle management data, we will seek and develop the BaaS business model, including certification services needed for battery leasing or reuse, LG Energy Solution s Kim Jong-hyun said in his New Year address.