South Korean giant Posco Holdings announced that it plans to invest $92 billion in battery and hydrogen fields by 2030.
South Korean giant Posco Group, which owns the country’s largest steelmaker, said it plans to invest 121 trillion won ($92 billion) in battery and hydrogen technologies by 2030.
Taking steps to go beyond steel production and diversify the sectors in which it operates, the group said on Monday that it will create approximately 330 thousand jobs per year by spending more than 60 percent of the determined figure locally. The South Korean giant said it is expanding its hydrogen investments alongside electric vehicle batteries, but the company did not provide a detailed breakdown.
Posco Future M Co. and Posco International Corp. previously outlined investment plans for the manufacture of battery components, including cathodes, nickel and lithium processing, and renewable energy.
A Posco spokesperson did not go into further details, saying that some of that spending is included in the 121 trillion won package. It is stated that additional investments will be made by Posco Holdings and its subsidiaries, and the units will provide more information by scheduling future announcements.
Posco Holdings posted the biggest gain in four weeks, up 3.6 percent after the announcement.