By the year 2020, the government of Korea is set on providing incredible support and effort for the electric vehicles supply enhancement of 20,000 vehicles. Solely for this purpose, the Korean government is investing approximately 170,000USD, and placing 20 new charging stations and 500 supplementary chargers throughout the nation, which in total sums up to become 250 charging stations and 1,500 chargers.
The Korean government has promised to invest 520 million USD on installing a 500MW energy storage system and improving FR ESS that controls the frequency and equalizes the supply and demand of electric power. Furthermore, the government is to continuously expand the ESS market by developing microgrids composed of new regenerative power supply in order to broaden power dispersal and advance environmentally-friendly energy program.
Korea’s very own Samsung SDI and LG Chem together hold 46.9% of world’s secondary-cell battery market share. Due to 2014 Korean businesses and Europe’s overseas contract on new electric vehicles, Korea’s percentage on the market share is estimated to grow even further, and Samsung SDI and LG Chem are expected to supply more than 40% in the ESS industry.