South Korea – Car technology 15-02-2023

South Korea – Car technology

-South Korea to invest $391 million in future car technology

The Ministry of Trade, Industry and Energy plans to invest 499.4 billion won ($391 million) in developing future car technology this year as part of efforts to find a new growth engine for the Korean economy.

The ministry said February 9 that the investments will be injected into 311 projects ranging from research and development to infrastructure building and manpower training.

About 229.3 billion won will be set aside for technology development for eco-friendly cars such as electric vehicles and hydrogen-powered automobiles, while 138.3 billion won will be spent on self-driving technology and related digital transition.

In addition, the ministry plans to invest 100.3 billion won in infrastructure building and commercialization of future cars, and 31.5 billion won in training experts.

For the development of eco-friendly cars, the government will focus on raising the driving distance, charging speed and durability of electric vehicles and hydrogen automobiles. It also plans to help companies develop technology to improve the fuel efficiency of fossil fuel vehicles in a bid to move toward carbon neutrality. South Korea – Car technology

Besides, the ministry has decided to secure technologies for sensors, cameras and other core parts for self-driving vehicles which are expected to be commercialized in 2027. At the same time, it will start establishing a data base for digital transition and creating a new mobility industry.

The ministry’s move came amid brisk exports of eco-friendly cars. The country’s shipments of those vehicles jumped 13.3 percent year-on-year to 2.31 million units in 2022, according to official data. The value of the exports was estimated at $54.1 billion won, up from $46.47 billion in 2021. South Korea – Car technology

The government is also seeking to propose a special bill to support future car development and provide more tax incentives, while pushing for deregulation.


South Korea - Car technology

rPET Renewable packaging EVcars 14-02-2023

Alkegen automotive arm 15-02-2023

Alkegen automotive arm

-Alkegen offloads automotive arm

Speciality materials platform Alkegen is to sell its Thermal Acoustical Solutions (TAS) business unit to private equity firm Regent, L.P. The TAS business manufactures high performance acoustical and thermal management insulation components for the automotive and transportation industries.

John Dandolph, Alkegen’s president and CEO said that the divestment was part of Alkegen’s long-term strategy to advance its growing portfolio of specialty materials dedicated to sustainability and human health. Alkegen automotive arm

“This divestiture allows us to focus all of Alkegen’s resources on our primary goal: advancing our unique platform of specialty materials that meaningfully help the world breathe easier, live greener and go further than ever before,” he said. “We’re excited for the future and the new opportunities this creates for both Alkegen and the TAS business as it moves forward with Regent.”

“We are pleased to have found a strong partner in Regent for the TAS business,” added Paul Vallis, Alkegen’s president of Filtration & Catalysis and General Manager of TAS, “and we look forward to seeing TAS employees and customers thrive under new ownership.” As part of the agreement, Paul Vallis will remain with Alkegen as President of its Filtration & Catalysis business group. Alkegen automotive arm

Alkegen originally acquired TAS as part of its acquisition of Lydall, Inc. in October 2021. The sale includes Thermal Acoustical Solutions locations in Hamptonville, North Carolina; Yadkinville, North Carolina; St. Nazaire, France; Meinerzhagen, Germany; and Taicang, China.

The transaction is expected to close in the first quarter of 2023, subject to appropriate labor consultations, regulatory filings, and other customary closing conditions.

Alkegen, formerly Unifrax and Lydall Materials, creates high performance specialty materials used in advanced applications including electric vehicles, energy storage, filtration, fire protection and high-temperature insulation, among many others. It operates 75 manufacturing facilities operating in 12 countries and employs 9,000+ employees globally. Alkegen automotive arm


Alkegen automotive arm

rPET Renewable packaging EVcars 14-02-2023