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Battling battery makers LG Energy Solution & SK Innovation clear path to amicable competition
energy-storage.news - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-storage.news Daily Mail and Mail on Sunday newspapers.
S Korean battery makers agree $1 8 billion settlement, aiding Biden s EV push
dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
LG, SK should play fair to lead market together
LG Energy Solution and SK Innovation agreed Sunday to settle a dispute over the theft of trade secrets, ending the two-year-long legal battle. The agreement is welcome, though belated. It will benefit all relevant parties, including the respective Korean companies. It is also a win for the U.S. administration of President Joe Biden.
The two firms have decided to drop all lawsuits here and abroad and not to file other suits for the next 10 years. According to the deal, SK will pay a settlement of 2 trillion won ($1.78 billion) ― 1 trillion won over the next two years and 1 trillion won via royalties ― to LG. In return, SK will be able to go ahead with its battery business in Georgia, the U.S. The settlement is seen as a win-win compromise. It will also help the Biden administration avoid losing jobs and disrupting battery supply chains, while protecting intellectual property rights for firms active in the U.S.
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