SK continues to invest in green technology

Korea’s SK Group plans to invest 5.7 trillion won (US$4.8 billion) in research and development (R&D) by 2012, as part of its strategy to take a leading position in green technology. This year, the company’s R&D budget will increase by 18% to a record-high of 1.3 trillion won (US$1.1 billion). Included in its green initiatives is a 300 billion won (US$254.0 million) desulfurization project in Ulsan which was launched in 2002 to lower the sulfur levels in gasoline and diesel fuel that meet global standards. The company has also commercialized its lithium ion battery separator technology and seeks to become a market leader in hybrid battery technology, investing US$112.6 million to boost the production of lithium-ion batteries. Its new battery for hybrid cars, scheduled to be in mass production from next year, is lighter, smaller, longer-lasting and capable of holding more power than the nickel-metal batteries that power current gasoline-electric hybrids. (August 12, 2009)