South Korea has committed an additional 15 trillion won ($12.5 billion U.S. at the current exchange rate) as the country strives to stay in the competition. According to the South Korean government, the nation will become the world's dominant rechargeable battery producer within the next ten years. The funding comes courtesy of the country's newly announced "Battery 2020 Project" and should go a long way to help South Korean-based battery makers such as LG Chem and Samsung SDI rise to the top of the industry. Hat tip to Ash!
[Source: Yonhap News via Green Car Advisor]