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South Korea to offer $5.3B in financing to support battery investment in North America
South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act.
Government support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms’ battery and material production facilities in the region, the industry ministry said.
“Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act,” Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms.
South Korea’s LG Energy Solution Ltd (LGES), Samsung SDI Co Ltd and SK On comprise three of the world’s five biggest EV battery cell makers, commanding more than a quarter of the global market and supplying the likes of Tesla Inc, Volkswagen AG and General Motors Co.
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