Posco plans to invest hugely on batteries and hydrogen

Posco Group, the South Korean conglomerate, says it plans to invest 121 trillion won ($138 billion) through 2030 on batteries and hydrogen.

Posco said it’s expanding investments in electrical vehicle batteries, as well as in hydrogen.

The group – which has been taking steps to diversify beyond steel – will spend more than 60 per cent of the total locally, creating about 330,000 jobs annually.

Posco said it was expanding investments in electrical vehicle batteries, as well as in hydrogen, but didn’t provide a detailed breakdown.

Posco Future M and Posco International have previously outlined investment plans in the production of battery components including cathodes, nickel and lithium processing, as well as renewable energy.