SK Innovation and Continental AG have hammered out a cooperation agreement for a jointly-managed company whose primary focus will be to develop and supply global markets with first class lithium-ion batteries for electric vehicles.
The Mainichi Daily News reported that South Korea increased its market share of shipments of lithium batteries.
Advanced lithium battery manufacturing has historically been dominated by China, Japan and South Korea, together accounting for as much as 98 percent of the market. According to the Institute of Information Technology, this year South Korea will replace Japan as the leading producer mid-sized to small lithium-ion batteries.
Reuters reports that South Korea's SK Innovation said on Wednesday that it will supply lithium-ion batteries for electric vehicles of Mercedes-Benz AMG.
South Korea’s top crude oil producer, SK Energy, has announced that it would cooperate with Taiwan's oil refiner Formosa Plastics Group to develop energy storage batteries.South Korea’s advanced lithium battery manufacturing represented 18 percent of global market share last year a solid increase from just 6 percent in 2002.
The government aims to boost supplies of the two resources from Korean-owned mines up to 10 percent of annual requirements next year from 5.5 percent this year. Korea plans to increase stockpiles of about 30 minor metals including lithium and rare earths, to the equivalent of 13.5 days of consumption next year from 8.1 days this year.
Galaxy Resources has provisionally chosen the site for its proposed lithium-ion battery project in China. The proposed site is also in close proximity to some of the major Chinese electric bike manufacturers, which could be critical in developing strategic alliances or marketing agreements with potential end-customers.
SQM saw its share price climb over 6 percent on Tuesday after Potash Corp, said its board rejected an unsolicited $39 billion offer from miner BHP Billiton. Lithium investors will remain very interested in this development as BHP said it continues to review its options and will make a further announcement in due course.
Japan Oil, Gas and Metals National Corporation (JOGMEC) has agreed to invest $4 million in a joint venture partnership with American Lithium Minerals, Inc. in the Borate Hills Project of Nevada.
As South Korea imports 97 percent of its energy and mineral resources, a strong move to secure a reliable lithium supply adds to the existing wave of Asian companies developing projects in the lithium rich salt lakes in the north of Argentina.
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