Biden wants to create millions of clean-energy jobs. China and Europe are way ahead of him.
Jeanne Whalen, The Washington Post
Feb. 11, 2021
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Robots work on Model X cars in the Tesla factory in Fremont, Calif., in 2018.Photo for The Washington Post by Mason Trinca
As the Biden administration promises to jump-start the clean-energy economy, it faces an uphill climb: The United States has fallen behind Asia and Europe in the race to produce the central technology - the high-tech batteries that power electric cars and store solar and wind energy.
China dominates battery production today, with 93 gigafactories that manufacture lithium-ion battery cells, versus only four in the United States, according to Benchmark Mineral Intelligence, a prominent data provider. If current trends continue, China is projected to have 140 gigafactories by 2030, while Europe will have 17 and the United States, just 10.
South Korea's SK Innovation Co Ltd , which owns the country's top oil refiner SK Energy, said on Friday it will invest 1.3 trillion won ($1.16 billion) to build its third battery plant in Hungary.
SK Innovation to invest $1.2 bln in its Hungary battery unit to build a new battery plant
By Reuters Staff
1 Min Read
SEOUL, Jan 29 (Reuters) - South Korea’s SK Innovation Co Ltd , which owns the country’s top refiner SK Energy, said on Friday it will invest 1.3 trillion won ($1.17 billion) in its Hungary battery unit as investment for a new battery plant in Europe.
$1 = 1,112.2500 won Reporting by Heekyong Yang
SK Innovation Co Ltd, the owner of South Korea's top refiner SK Energy, said on Friday refining margins are expected to gradually recover in 2021 backed by recovering demand as the impact of COVID-19 eases.