According to Yonhap News,
(SEOUL=Yonhap News) The Ministry of Trade, Industry and Energy will invest KRW 30 billion in the development of energy storage systems (ESS) technology.
The trade ministry announced the plan while presenting its investment outcomes at the 'ESS Technology Development Forum' held on September 5 at the Textile Center in Gangnam District, Seoul, Korea.
The size of the global ESS market is projected to grow from this year's USD 2.56 billion to 15 billion in 2020. Accumulated ESS exports of Korean companies reached USD 180 million in the first seven months of this year, up 96% compared to the same period of last year.
Despite such strong growth momentum, more than 95% of export is heavily concentrated in batteries for ESS, which underscores the need to diversify export items to ESS total system which combines batteries, power conversion system, and software. To that end, the ministry is working hard for technology development and demonstration.
From 2013 until last year, the Ministry of Trade, Industry and Energy has invested a total of KRW 90 billion in development of ESS components and system. It now aims to move its focus to ESS system capable of meeting requirements in foreign markets.
In addition to such initiative, it is also planning to demonstrate developed systems abroad in order that research and development can lead to overseas business.
"We aim to support technology development and research efforts so that domestic companies can actively seek commercialization and overseas expansion of the ESS business,"an official from the ministry said at the forum.
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Source: Yonhap News (Sep. 5, 2016)
** This article is translated from the Korean.