South Korea’s third-largest conglomerate SK Group plans to invest around 12 billion US dollars in so-called green industries over the next five years. This is the company’s response to the growing awareness of the global climate crisis and its attempt to expand its business areas into environmentally friendly industries. Pulsenews Korea reported in mid-October that the investment will be made through the corresponding subsidiary SK Inc. Within the group of companies, the equivalent of 7.9 billion US dollars is to be invested in alternative energy, 3.3 billion US dollars in clean industrial processes, 504 billion US dollars in CO₂ processing and 260 million US dollars in sustainable food. The potential growth of the green industry sector would mean greater demand for solar and wind power equipment, among others, much of whose production requires KC certification and KC certification for explosive products.
A previously published announcement by SK Group to invest around 15.5 billion US dollars in hydrogen technologies referred to joint financing by SK and external partners. The now announced investment in the green sector will be done completely independently by SK. Senior Vice President of SK’s Green Investment Centre Kim Moo-hwan said the group has already invested the equivalent of US$2.27 billion in green industries this year. Of all industries, SK has the most interest in alternative energy. These include hydrogen and fuel cells, energy distribution and renewable energy. Experts estimate that the global alternative energy market will double by 2025. In addition, SK is expanding its involvement in sustainable foods such as meat alternatives, lab-grown meat and protein from microbial fermentation.
South Korea is considered one of the most important and innovative industrial nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be pleased to advise you without obligation about the scope and procedure of a Korea certification.
If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs or KCs for explosion safety products, feel free to contact us any time.
Tel.: +49-69-2713769259
Email: info@korea-certification.com
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The groundbreaking ceremony for the hydrogen liquefaction plant took place on 21 June in Ulsan with the participation of the two partners, Hyosung Heavy Industries and Linde Korea. In attendance were the chairmen of Hyosung and Linde, as well as the mayor of Ulsan city and Korea’s vice minister of trade. During the ceremony, Hyosung and Linde spoke of their shared vision to create a CO2-neutral South Korea through the application of hydrogen technology. Linde Hydrogen Energy, a joint venture between Hyosung and Linde, is responsible for the construction of the plant. When completed, the plant, which will be the largest of its kind in the world, will have a capacity of 13,000 tonnes of liquid hydrogen and is scheduled to start operations in 2023. In addition, Hyosung Heavy Industries will invest the equivalent of around 858 million US dollars in the expansion of liquid hydrogen production capacities over the next five years. A capacity of 39,000 tonnes of liquid hydrogen has been named as the target. Such large-scale projects are supported by extended supply chains; components, equipment and machinery are largely imported internationally. When imported, many products must have KGS factory registration or KCs certification for explosion-proof products to be approved under Korean regulations.
South Korea is considered one of the most important and innovative industrial nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be happy to advise you on the scope and procedure of a Korea certification without obligation.
If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs, KGS factory registration or KCs for explosion safety products, feel free to contact us any time.
Tel.: +49-69-2713769259
Email: info@korea-certification.com
Urgent questions?
Please do not hesitate to contact us via chat. You will find the chat window at the bottom right of each page (if this is not visible, please check your browser settings).
For more information you can download our free brochure “Korea Certification Made Easy – The Booklet“.
US-listed e-commerce giant Coupang Inc recently reported its highest-ever quarterly revenue. On 12 August, the company, which is also known as the “Amazon of South Korea”, reported that its revenue reached US$4.48 billion in the second quarter of this year. Compared to the same period last year, this represents an increase of 71 per cent. Coupang’s revenue has grown steadily by at least 50 per cent for 15 consecutive quarters since the third quarter of 2017. Analysts relate the strong growth to both rising active customer numbers and higher average spend per customer. The number of active customers reached 17 million last quarter, up 26 per cent from the first quarter of 2021, while the average spend per customer was $263 in the second quarter, up 36 per cent from the previous quarter. Among the most successfull product categories were electronics, appliances and clothing. Many products, especially in the electronics category, need mandatory KC certification in order to be allowed to be sold and used on the Korean market.
Coupang is a South Korean e-commerce company based in Seoul, as well as a subsidiary in Delaware, US. Founded in 2010, the company rose to become the largest online marketplace in South Korea through expansion. As part of the expansion of its business areas, the video streaming service Coupang Play was founded. Due to the company’s position in the market and size, Coupang is also often referred to as the “Amazon of South Korea”. To grow further in online retail, Coupang invested a total of US$120 million in fresh food delivery and food delivery service Coupang Eats during the second quarter. Through the integration and strong growth of these businesses, Coupang hopes to save on fixed costs and, as a result, offer customers attractive prices for the goods and services.
South Korea is considered one of the most important and innovative industrial nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or KC certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be pleased to advise you without obligation about the scope and procedure of a Korea certification.
If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs or KCs for explosion safety products, feel free to contact us any time.
Tel.: +49-69-2713769259
Email: info@korea-certification.com
Urgent questions?
Please do not hesitate to contact us via chat. You will find the chat window at the bottom right of each page (if this is not visible, please check your browser settings).
For more information you can download our free brochure “Korea Certification Made Easy – The Booklet“.
South Korea’s leading chemical manufacturer, LG Chem Ltd, announced in mid-July that it would invest around 8.7 billion US dollars in battery materials as well as the renewable and bio sector to expand its business activities in the “green” sector. The company also announced that it is intensively looking for partners, acquisition candidates and joint ventures to achieve sustainable growth in the aforementioned three growth markets. LG Chem Vice Chairman Shin Hak-cheol said during an online press conference about the investment plans that they are no longer a traditional petrochemical company. Instead, he wants to turn LG Chem into a material and raw material manufacturer and open up new growth markets. To achieve this, he said, the company will orient its business units towards sustainable growth, using the so-called ESG standards. Equipment for processing of raw materials is an increasingly growing market in Korea. Introduction of corresponding components and products in many cases require KC certification or also KCs certification for explosion-proof products (also called KOSHA).
Hak-cheol went on to say that more than 30 joint venture and acquisition projects were currently in the pipeline and that his company expects to report significant progress as early as the second half of this year. LG’s announcement follows a whole wave of business in South Korea to accelerate their efforts to transform into green businesses. Back in early July, SK Innovation Co, a petroleum and batteries company, said it would invest about $26.5 billion in green projects by 2025. Lotte Chemical Corp. is investing US$3.78 billion in hydrogen projects as a new business while turning away from its main petrochemicals business.
Regarding LG Chem’s latest announcement, it will invest about 5.15 billion US dollars in the e-mobility sector through its subsidiary LG Energy Solution Ltd. This will involve expanding production facilities for battery materials including cathodes, separators and carbon nanotubes (CNTs). LG expects the market for battery-related materials to increase threefold to 85 billion US dollars by 2026. LG will invest another US$5.78 billion in biotechnology, recycling and renewable materials. LG Chem’s pharmaceutical division also has promising candidates in development for the treatment of diabetes and cancer. The funds for all these investments will be raised through South Korea’s largest-ever IPO. Later this year, LG Energy Solutions is to be floated on the stock market for more than 8.58 billion US dollars. LG Chem will remain the majority shareholder with 70 to 80 percent of the shares.
South Korea is considered one of the most important and innovative industrial nations in the world. In order to gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be happy to advise you on the scope and procedure of a Korea certification without obligation.
If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs or KCs for explosion safety products, feel free to contact us any time.
Tel.: +49-69-2713769259
Email: info@korea-certification.com
Urgent questions?
Please do not hesitate to contact us via chat. You will find the chat window at the bottom right of each page (if this is not visible, please check your browser settings).
For more information you can download our free brochure “Korea Certification Made Easy – The Booklet“.
A hydrogen-electric-powered tram developed by Hyundai Rotem will be trialled in the southeastern industrial and port city of Ulsan from 2023 as part of a government programme to promote hydrogen-powered trains. Hyundai Rotem is a subsidiary of the South Korean Hyundai Group and produces wagons and locomotives. The fuel cells used to power the trams come from the automotive industry and are modified for use in trains. To this end, the Ulsan city government announced that it had received final approval from the Ministry of Trade, Industry and Energy to proceed with the project. The trams used for testing are equipped with a 400 kilowatt fuel cell module and can travel up to 200 kilometres on one tank of fuel at a maximum speed of 70 km/h. Construction components of such transport vehicles often require KC approval for import and use in Korea to guarantee that they meet Korea’s high quality standards.
The trams are being developed and tested by Hyundai Rotem, which presented a concept study in April. About 36.5 million US dollars are being invested in the project, with the state-run Korea Railroad Research Institute (KKRI), the Korea Automotive Technology Institute (Katech) and the Ulsan Techpark among the partners. The government in Seoul wants to develop key technologies for hydrogen-powered trains together with domestic industry in order to offer the end products to foreign customers. Hydrogen-powered trams are believed to be the next generation of public transport. This could help advance South Korea’s plans for a hydrogen-based economy. A 1.9-kilometre light rail line without catenary is also being built in the southern port city of Busan. Construction work on this will begin this year, with completion scheduled for 2023. An extension of the line by another 3.3 kilometres is under discussion. Here, for example, the Hyundai Rotem fuel cell tram could be used.
Due to their environmentally friendly characteristics during operation, fuel cells are considered to be the powertrain and energy source of the next generation. The Hyundai Group, for example, is working on building up its value chain in the field of hydrogen with the development of cars, commercial vehicles, trains and ships with fuel cells or direct hydrogen powertrains. To this end, KRRI has entered into the development of locomotives with hydrogen engines that can travel at least 1,000 kilometres on one tank of fuel at a top speed of 150 km/h. The liquid hydrogen used as a fuel has the advantage over the gaseous phase that almost twice the amount of energy can be carried in the same volume. Disadvantages, however, are the complex cooling system and thick-walled tanks for insulation. The researchers at KRRI expect their technology to be ready for the market by 2025. In the second half of 2022, a prototype with hybrid powertrain, storage tanks and fast-charging function will be tested for this purpose.
South Korea is considered one of the most important and innovative industrial nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or KC certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be pleased to advise you without obligation about the scope and procedure of a Korea certification.
If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs or KCs for explosion safety products, feel free to contact us any time.
Tel.: +49-69-2713769259
Email: info@korea-certification.com
Urgent questions?
Please do not hesitate to contact us via chat. You will find the chat window at the bottom right of each page (if this is not visible, please check your browser settings).
For more information you can download our free brochure “Korea Certification Made Easy – The Booklet“.