Samsung SDI Drops Fuel Cell Business To Focus More Intensely On Batteries
Samsung SDI is in the process of dropping all non-profitable divisions.
As it turns out, the fuel cell division is one of Samsung’s loss leaders and, as such, it will exit the fuel cell market completely.
A company spokesman stated:
“Samsung SDI decided to drop fuel cell-related business projects, as the outlook of the market isn’t good.”
Samsung will unload all of its fuel cell-related equipment for a “few million dollars,” which will then be re-invested in core division at Samsung, including battery development.
Starting last year, Samsung began to dump all non-profitable divisions. This included both its chemical division and plasma display program.
Samsung SDI is now almost solely focused on electric car batteries and EV-related parts, in addition to general lithium-ion batteries.
As Korea Times explains:
“Samsung SDI plans to invest more than 3 trillion won in batteries for EVs and the EV-related parts businesses over the next five years in what the company believes is enough to become the world’s top battery supplier by 2020.”
Source: Korea Times