GS Caltex and Nippon Oil set up joint venture

GS Caltex Corp. disclosed that it has agreed to join with Nippon Oil Corp. in establishing a “Power Carbon Technology Firm,” which will be a joint venture for producing carbon material for Electric Double Layer Capacitors (EDLC). The two firms will jointly invest approximately US$10 million to build a plant at the 4th national industrial complex in Gumi, North Gyeongsang Province in South Korea. GS Caltex plans to produce 300 tons of EDLC carbon material per year at the plant, eventually raising capacity to 900 tons by 2015, with the expected growth potential of hybrid electric vehicles (HEV) and electric buses. (January 18, 2009)