Hyundai and SK Development to develop an EV Battery Industry Environment

Hyundai Motor Group continues expanding cooperation with worldwide battery industry players to check out brand-new organization opportunities and enhance innovations

Hyundai Motor Group and SK Development Co. have actually consented to cooperate in the advancement of a sustainable community for electric vehicle (EV) batteries that are key to the future movement industry.

The two celebrations announced their plan to work together in varied service locations connected to the EV battery industry, consisting of battery sales options, battery management service and battery reuse and recycling.

The cooperation comes from the companies’ shared requirement to develop a battery worth chain and enhance eco-friendliness in business operations covering the whole lifecycle of EV batteries.

Unlike existing cooperation schemes in between mobility business and battery business that tended to centre on battery supply, the Hyundai-SK cooperation aims for a virtuous cycle of battery use understood as the Battery as a Service (BaaS), that includes a lease or rental service. As a result, the cooperation is expected to catalyse the spread of varied cooperation systems in between movement and battery companies.

Through this collaboration, the two celebrations aim to reinforce the stability of the battery supply chain and create a virtuous cycle of resources from recycling to production; reduce carbon emissions; encourage optimal style that links EVs and battery reuse, and create synergies by increasing included value through the optimal style of batteries.

To allow cooperation, both sides are focusing on the preliminary process of gathering and verifying the battery pack of Kia Motors’ Niro EV design.

In particular, the 2 business will seek options that can maximise worth and eco-friendliness of EV batteries, consisting of reuse of batteries that are no longer useable in lorries in varied applications such as the Energy Storage Systems (ESS); and battery recycling that draws out economically important metals such as lithium, nickel and cobalt.

These developments are anticipated to boost the value and competitiveness of the battery recycling market, which will buttress the future EV era.

Additionally, Hyundai Motor Group and SK Development plan to synergise their respective affiliates’ service infrastructures and capabilities spanning diverse markets, consequently enhancing their battery competitiveness and expanding the development of related sectors.

“Hyundai Motor Group’s cooperation with SK Innovation, a first-tier battery provider for our Electric Global Modular Platform (E-GMP) that will be introduced in 2021, marks an important initial step in maximising synergies between mobility and battery business,” said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.

“We anticipate our cooperation to play a tremendously positive role in reinforcing Hyundai-Kia’s competitiveness in clean mobility in addition to expanding the supply of environmentally friendly EVs.”

“This partnership in between Hyundai Motor Group, which is leading the popularisation of EVs in the worldwide market, and SK Innovation, which has the innovative innovation in battery development and recycling, is highly significant because the 2 have signed up with forces to team up throughout the whole EV cycle,” said Dongseob Jee, President of SK Innovation’s Battery Service. “Both companies will produce a smooth cooperation system to explore new organization opportunities across the entire battery worth chain.”

Apart from teaming up with SK Development, Hyundai Motor Group is striving to protect and open new markets by working together with global players specialising in EV battery reuse, including Korea Hydro & & Nuclear Power Co., Wärtsilä, OCI, and Hanwha Solutions. The Group, through the cooperation with SK Development Co., plans to essentially strengthen its technological competitiveness by protecting innovation and infrastructure and broaden its service locations.

The post Hyundai and SK Innovation to establish an EV Battery Industry Environment appeared initially on World Branding Online Forum.