S Korea to invest $5.94 bn for energy storage
Renewable Energy | 2011-05-31 10:48:16
South Korea has planned to invest 6.4 trillion won (5.94 billion U.S. dollars) in energy storage industry by 2020
By Paul Ploumis
SEOUL (Scrap Monster): South Korea has planned to invest 6.4 trillion won (5.94 billion U.S. dollars) in energy storage industry by 2020.
The government will spend 2 trillion won in research and development (R&D) and invest 4.4 trillion won in building up infrastructure each in the next 10 years along with private companies, the Ministry of Knowledge Economy said in a statement.
The plan is aimed at nurturing an indigenous market for energy storage system (ESS). The ministry said energy storage is a key factor to stabilize supply and demand of renewable energies when the rate of their use tops 10 percent of total electricity use, adding better storage of power will optimize energy efficiency, xinhuanet reported.