Battery Industry Innovation Strategy: Public-Private Battery Alliance
The Korean government has convened private partners for battery technology R&D and commercialization efforts through a series of roundtable meetings of a Public-Private Battery Alliance. The initiative identifies five immediate policy objectives as the following:Next-generation battery technology R&DDevelopment of mass-market productsResponse to US Inflation Reduction Act and other trade challengesBuild-up of supply chain through domestic investmentCircular economy system for all stages of battery lifeThe Public-Private Batter Alliance is a follow-up initiative to the overall Battery Industry Innovation Strategy announced in 2022. The Strategy sets up a target of 50% global market share by Korean battery manufacturers; and supporting KRW 50 trillion in domestic private investment. Announced funding support include:Government R&D Grants (KRW 1 trillion), including the following:R&D Grants for next-generation battery technology (solid-state batteries, lithium-metal batteries, and lithium-sulfur batteries): KRW 117.2 billion LFP Battery Technology R&D Grant: KRW 23.3 billionSodium Battery Technology R&D Grant: KRW 28.2 billion Financing/tax incentives for domestic battery industry: KRW 5 trillionCritical mineral supply chain and refinement: KRW 3 trillion in preferential loans
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