south korea pairs state utility, private tech giants in $37 billion bid to seize global green energy lead - battery energy storage system

SEOUL (Reuters)-
South Korea wants to jump from the laggard to become a leader in the renewable energy industry, and Seoul is preparing to attract the country's tech giants to nearly $40 billion in public funding, a bold plan, aiming to become a new global leader in green energy.
During the presidency of the United States on the future of clean energy
In addition to China's desire to reduce its reliance on fossil fuels, Seoul is accelerating the development of battery and smart grid technologies --
It is critical to store and transmit electricity that generates electricity as it changes with the weather.
Starting with the opening of 42 trillion won$37 billion)
Seoul said last month that it now aims to double the amount of green energy it produces by 2025 --
10 years ahead of the previous plan.
In addition to reducing excessive reliance on coal and nuclear power, the plan is also aimed at taking advantage of the strength of South Korean technology leaders such as Samsung --
Previously focused on consumer electronics
Create new export formats.
Vishal Sapru, project manager, said: "South Korea must have potential in cleaning technology because of government incentives, but there are also established companies . " Power Quality/power supply for consulting firm Frost & Sullivan.
"They are strong competitors in utilities --scale storage. . .
They have enough bandwidth to meet aggressive demand.
Asia's fourth push
The emergence of the largest economy comes as the commitment of the global climate change treaty coincides with competition from world technology companies for new revenues, while growth in commodities such as smartphones slows.
The International Energy Agency currently believes that by 2021, 28% of the world's electricity will come from renewable sources, up from 23% in 2015.
General Electric Corporation (GE. N)
ABB to Europe (ABBN. S)
Focus on the growth of smart grids and batteries
Have a good start.
But by combining power transmission technology
Industry executives say South Korea's state-owned utilities have private sector expertise in battery and power control, and how they can gain a foothold.
"One of the advantages of Korea is IT technology, especially semiconductors and batteries," Lee Jeong said . "
Min, senior manager, sales team, energy storage systems (004800. KS).
"If we connect them to the new energy business, we can catch up.
"Hyoshin is one of several private companies that work with South Korean power companies (KEPCO)(015760. KS)
Develop smart grid and energy storage systems in domestic and international markets.
KEPCO is currently working on 40 energy and distribution projects overseas.
It reached an agreement with the United States in November. S.
Virginia has developed 10 energy projects that echo similar agreements reached in Ontario and Dubai, Canada.
Hwang Woohyun, vice president of KEPCO, said: "We play a role in running the grid and leading new businesses, private-sector partners, however, did their best by making products and supplying them, said in an interview with Reuters.
To expand the global reach of Korean companies, KEPCO plans to invest.
By 2020, the cooperation plan won 3 trillion won.
Samsung SDI partners at the same time (006400. KS)
By 2020, investment in battery development will reach 3 trillion won. LG Chem (051910. KS)
With lower solar panel costs and increased government support, energy storage is also favored.
Kangchang-"energy storage system revenue is expected to grow by more than 60% to 270 billion won this year, and will grow further next year, about 80% to 500 billion won
Beom, LG's vice president of chemistry, said in a recent conference call.
For SDI, a part of the Samsung empire and the world's largest mobile phone battery maker, the government's push provides a way to help it further expand to energy storage systems.
This not only helps SDI avoid a slowdown in smartphone growth: as a battery supplier to Samsung Electronics (005930. KS)fire-
Prone Galaxy Note 7 phones have been hit hard by device scrapping.