Seoul Energy Storage Battery Quote

CATL expanded its footprint in January by establishing a South Korean subsidiary, signaling an aggressive push into the local market. CATL also dominated the global EV battery market last year with a 37.9 percent share, far outpacing LG Energy Solution's 10.8 percent, according to industry data.

CATL also dominated the global EV battery market last year with a 37.9 percent share, far outpacing LG Energy Solution's 10.8 percent, according to industry data. In an effort to shield domestic producers and encourage local development, the South Korean government is introducing selection criteria for the BESS project that go beyond price.

The initiative is closely tied to South Korea's 11th Basic Plan for Electricity Supply and Demand, which outlines an aggressive ramp-up in renewables. The plan aims to boost the share of green energy from 8.4 percent of the national energy mix in 2023 to 29.2 percent by 2038.