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Samsung has announced that it will re-launch its much maligned Galaxy Note 7 after developing a refurbished version of the handset - and plan to introduce it into the South Korean market later this month. Samsung was forced to recall all of its Galaxy Note 7 devices last year, following widespread reports of handsets catching fire - and in some instances self-combusting, due to faulty batteries.

It was a huge blow for Samsung, and it’s been estimated that the faulty devices cost the South Korean conglomerate around $5 billion in operating profit – whilst it also dented its stock price and had an adverse effect on its relationship with stakeholders.

However, Samsung have now refurbished the Galaxy Note 7 by using new batteries and intend on releasing 400,000 phones to the market. The device has now been dubbed the ‘Galaxy Note 7 Fan Edition’ and is priced at around $611, which is about 30% cheaper than the price of the Note 7’s when initially launched last year. In addition to this, it has been revealed that the devices will be made from recalled, unsealed Note 7 handsets and unused Note 7 components.

Batteries in the newly refurbished Galaxy Note 7 have been subject to strict new testing, but have passed all the new safety measures which Samsung introduced following the recall last year. The batteries will have a lower capacity than those in the original Note 7.

Samsung had announced earlier this year that it planned to re-introduce the phones onto the market following the conclusion of an investigation by Samsung and other independent firm which established that the batteries were the sole responsibility for the fires in the faulty Note 7 devices. The world’s biggest smartphone maker by volume also announced its plan to launch an event for the Note 8 in the second-half of August. Samsung has thus far declined to comment on whether it plans on introducing the refurbished Note 7’s to other markets at a later date, although sources close to company claim they don’t plan on relaunching the refurbished Note 7 in the United States or India.