Hyundai Motor, Matrix Renewables sign solar energy deal for EV plant in US

SEOUL, April 22 (AJU PRESS) - Hyundai Motor Group will use solar energy to power its electric vehicle plant currently under construction in Georgia, the Korean conglomerate said Monday. Hyundai has recently signed a 147-megawatt power purchase agreement (PPA) with Matrix Renewables, under which the carmaker will receive electricity generated from the Spanish firm’s 210-megawatt solar power project in Texas, slated to begin operations in October 2025. In the largest renew

April 22, 2024

Korean oil refiners harness pyrolysis technology to recycle plastics

SEOUL, April 22 (AJU PRESS) - Major Korean oil refiners are ramping up projects to utilize pyrolysis technology for recycling plastic products as part of efforts to reduce carbon emissions. In the thermal decomposition process, extreme heat and pressure are used to break down plastics into crude oil or raw polymer material. GS Caltex said on Monday it utilizes crude oil extracted through a pyrolysis recycling process to produce petroleum products at its plant located in the sou

April 22, 2024

Samsung to implement six-day workweek for executives 

SEOUL, April 18 (AJU PRESS) - Amid the sluggish global market, Samsung Group will implement its six-day workweek initiative for its executives. All executive personnel of Samsung's affiliates, except those in financial service units, will be required to work six days. This initiative aims to motivate executive management during crises, particularly considering the underperformance of major affiliates. In 2023, Samsung Electronics reported an operating loss of 15 trillion won (

April 18, 2024

LS Eco Energy to supply ultra-high-voltage cables to Danish energy firm

SEOUL, April 17 (AJU PRESS) - LS Eco Energy, a Korean power cable maker, said Wednesday it has signed a contract to supply extra-high voltage cables to a public energy company in Denmark. The $30.51 million deal involves LS Eco Energy providing ultra-high-capacity cables to Energinet for three years. The product is in high demand in Denmark driven by construction projects for offshore wind farms and underground power transmission lines, according to the Korean company. Over

April 17, 2024

Hyundai Mobis to demonstrate urban operation of level 4 fully autonomous vehicles

SEOUL, April 16 (AJU PRESS) - Korea's leading car parts manufacturer, Hyundai Mobis, is set to kick-start a demonstration of level 4 fully autonomous vehicles designed to operate without human drivers. The test drive, scheduled for late April, will cover a distance of 60 kilometers (37 miles) along a route in the bustling western port city of Incheon. Distinguished from level 1, 2, and 3 autonomous vehicles, which require human drivers, level 4 self-driving cars can autonomous

April 16, 2024

Korean SMEs showcase consumer goods at trade fair in Guangzhou

SEOUL, April 16 (AJU PRESS) - More than a dozen Korean small and medium-sized enterprises (SMEs) are participating in a biannual expo in Guangzhou which began on Monday. The so-called "China Import and Export Fair," is one of the largest business fairs in China. The Korea Trade-Investment Promotion Agency (KOTRA) set up a joint booth for Korean SMEs. Exhibitiors are displaying various consumer goods, including home appliances and electronic products. The biannual t

April 16, 2024

Unused spaces being converted into solar power facilities

SEOUL, April 16 (AJU PRESS) - HD Hyundai Energy Solutions, the solar power subsidiary of HD Hyundai, has installed rooftop solar panels on facilities owned by food company CJ CheilJedang. This move comes in response to the growing demand from businesses aiming to achieve carbon neutrality. The energy solutions firm plans to further expand its solar initiatives by utilizing previously unused spaces. Across South Korea, companies are increasingly embracing the use of idle areas like

April 16, 2024

LS Materials develops ultra-high voltage regulator system

SEOUL, April 15 (AJU PRESS) - LS Materials, a subsidiary of South Korea's LS Group specializing in ultra-capacitors, has developed a static synchronous compensator (STATCOM), an advanced voltage regulator, for the first time in the nation. The company on Monday announced the localization of the device used to ensure power supply stability by controlling fluctuations in voltage and frequency within large-capacity power grids. Previously, the system had only been produced by Ger

April 15, 2024

S. Korean food giant CJ CheilJedang starts kimchi production in Australia

SEOUL, April 15 (AJU PRESS) - CJ CheilJedang has begun producing kimchi in Australia using indigenous ingredients seeking to cater to local consumers' tastes, the South Korean food giant said Monday. Australia is the fifth largest overseas market for Korean-made kimchi, importing $6.01 million worth of the traditional fermented vegetable dish from the Asian country in 2023. CJ CheilJedang, which has supplied Australia with kimchi produced in South Korea, began production th

April 15, 2024

LG Energy Solution will use generative AI to boost work performance

SEOUL, April 15 (AJU PRESS) - LG Energy Solution, the battery-making arm of South Korea's LG Group, will implement generative artificial intelligence-based technologies to improve work efficiency. The company intends to utilize this AI solution to analyze customer demands. The company said Sunday it adopted a generative AI solution that analyzes YouTube video clips and summarizes the latest trends in batteries, electric vehicle-related policies, and other work-related trends.

April 15, 2024