$100 million investment to secure next-generation battery technology
Hyundai Motor Company has started to secure next generation battery technology. They decided to invest 100 million dollars (about 114.2 billion won) in Solid Energy Systems (SES), a US all-solid-state battery developer.
According to industry sources on July 4, Hyundai Motor signed an equity investment contract with SES in June. SES is a startup independent from the Massachusetts Institute of Technology (MIT) in 2012.
Major shareholders include the Singapore Sovereign Wealth Fund and its founders Qi Chao, SK Corporation and General Motors (GM). In particular, after investing 30 billion won in SES in 2018, SK also invested an additional 40 billion won in May. Hyundai Motor also decided to invest this time and joined this rank.
Currently, SES is evaluated as a start up with the most advanced technology in the development of lithium metal batteries (LMB), which have an energy density 10 times higher than that of lithium ion batteries (LIB). In particular, it plans to build a battery cell plant in Boston with GM with the goal of commercializing it in 2025.
In addition, SES is also pursuing listing through a merger with SPAC (company for the purpose of acquiring a company) listed on the New York Stock Exchange. It is analyzed that the investment value is high in many respects.
Above all, it is understood that Hyundai Motor Company decided to secure next generation battery technology, which is the “heart” of urban air mobility (UAM), which is considered the core future food of the group.
The biggest challenge for the global automaker is to preoccupy the future oriented ‘mobility’ market. Automobile manufacturers are risking their lives to secure next-generation technology that goes beyond the limits of current lithium-ion batteries.
Meanwhile, Hyundai Motor Company is accelerating its own development of battery technology for in-vehicle batteries. At the beginning of this year, Hyundai Motor Company significantly strengthened its research team to develop next-generation batteries in its R&D headquarters.
Under the direction of Albert Biermann, the head of the R&D division, he is immersed in the development of an all-solid battery. It is said that it is targeting mass production of next-generation batteries in 2027 this year.
Jungheung Group
Daewoo E&C has... “Acquisition to be completed within the year”
Jungheung Group became the new owner of Daewoo E&C. Daewoo E&C's largest shareholder, KDB Investment, announced on July 5 that it had selected Jungheung Group as the preferred bidder for the sale of Daewoo E&C.
On July 6, Jungheung Group announced that “the acquisition will be completed by the end of the year,” adding, “We will quickly proceed with the signing of a memorandum of understanding with KDB Investment, due diligence to confirm, a stock purchase agreement (SPA), and a business combination report.”
It is the first time Daewoo E&C has found a candidate for a new owner in about three years since Hoban Construction failed to take over in 2018. Jungheung Group entered the top 20 in the business world at once by completing the acquisition.
Jungheung Group is a company that has affiliates of about 30 housing, construction and civil engineering companies, including Jungheung Construction, ranked 15th in construction capability evaluation, and Jungheung Construction, ranked 35th. I grew up based in Honam. It also succeeded in expanding its business by expanding the housing business in new towns such as Sejong and residential land development districts.
Jungheung Group plans to promote further growth in the housing sector by utilizing the brand power of Daewoo E&C's apartment brand 'Prugio'.
We are also looking forward to the fact that Daewoo E&C is well versed in overseas business and plants. An official from the Jungheung Group said, “The strength of Jungheung, which has the ability to develop large-scale real estate, and the strength of Daewoo E&C, which has a housing brand, excellent construction, civil engineering, and plant construction capabilities, and manpower, will be combined to grow into a group specializing in construction representing Korea.” said.
In addition, in the process of taking over Daewoo E&C, we plan to ensure job security and management autonomy for our employees. The funds needed to acquire Daewoo E&C will be prepared by temporarily borrowing funds in the form of short-term bridge loans. The business circles do not expect the acquisition to be too difficult, given Jungheung Construction's ability to mobilize funds.
Samsung
Payment of incentives to employees of business units with good performance
Samsung Electronics, which recorded good performance in the memory semiconductor and home appliance business in the first half of this year, decided to pay 100% of the base salary to employees of related divisions.
Samsung Electronics announced the ‘Target Achievement Incentive (TAI)’ payment rate in the first half of this year through its internal network on July 5, and it is known that it was paid out on July 8.
Samsung Electronics' performance pay system is divided into TAI, which is paid twice a year, and 'Overall Performance Incentive (OPI)', which is paid once a year.
OPI is paid once a year up to a maximum of 50% of an individual's annual salary within the limit of 20% of the excess profit when the performance of the business unit exceeds the target set at the beginning of the year.
The TAI is a system that differentially pays up to 100% of the maximum monthly basic salary by combining the evaluation of each business division and division based on performance once in the first half or second half of each year.
In the semiconductor (DS) division, the memory division paid 100% of the base salary as a bonus, respectively, in the consumer electronics (CE) division, to the household appliances and image display division, and to the network division in the smartphone (IM) division.
The foundry (consignment production) division of the DS division, which performed unexpectedly poorly as factories in the United States were shut down, received 75%.
It is reported that Samsung Electronics suffered about 400 billion won in damage this winter as the Austin plant was shut down due to a record cold wave in Texas, USA.
In addition, it is known that the system LSI division in charge of non-memory and the wireless division of the IM division, which produces smartphones, received 75% of their basic salary.
Lotte Chilsung
BTS’s ‘Cloud’ advertisement released
Lotte Chilsung Beverage announced on June 7 that it has launched a new commercial for the Cloud Saint Draft with BTS during the peak summer season.
The new advertisement released this time is the second main story following the first main story released in April. BTS members who appeared in the advertisement drink ‘Cloud Saint Draft’ and emphasize the carbonation and refreshing feeling of the product.
In addition, the advertisement video emphasized the freshness of beer by directing a scene in which draft beer drawn from a draft beer machine is turned into a can product.
An official from Lotte Chilsung Beverage said, “The image of the product and model matched well, so we were able to express the characteristics of the product well.
Samyang Corporation
Success in developing perishable plastics
Samyang Corporation announced on July 6 that it has developed a biodegradable plastic using the bio material 'isosorbide'. Isosorbide is a material made by chemically processing starch extracted from plants such as corn.
The plastic developed by Samyang Corporation this time is characterized by lower carbon emission compared to existing petroleum based products. In addition, the decomposition rate is fast, and it is strong and tough, so it has the advantage of being able to manufacture thinner when processed into a film form. Samyang explained that it can be used for disposable bags, agricultural films used to cover the soil surface for weed and moisture management, and fishing nets.
Meanwhile, Samyang Corporation secured the first commercial production technology for isosorbide in Korea in 2014. Currently, an isosorbide plant with an annual capacity of 10,000 tons is being built on the site of the affiliated company Samyang Innochem plant with the goal of completion in the second half of this year.
