Hyundai Motor, Kia Motors And LG Chem Team Up To Invest In EV And Battery Startups

0
551
Advertisement
  • The companies said that the chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to develop proof-of-concept projects
  • This competition will offer start-ups the opportunity to showcase their respective innovative technologies and unique business models

Hyundai Motor Company, Kia Motors Corporation,and LG Chem are jointly sponsoring the “EV & Battery Challenge” (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration. They said that . New Energy Nexus, the international start-up support organization, will manage and facilitate the competition.
The companies said that Hyundai and Kia have gained prominence in the global market with a comprehensive portfolio of EVs. Hyundai said that it plans to deploy 44 eco-friendly models by the year 2025 that includes 23 EVs.

Youngcho Chi, president and chief innovation officer of Hyundai Motor Group said, “We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology.”

Proof-of-concept projects

The companies said that the chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to develop proof-of-concept projects. They will also get to use the sponsors’ technical expertise, resources, and laboratories. This competition will offer start-ups the opportunity to showcase their respective innovative technologies and unique business models as per the companies. They added that they aim to identify and secure core technology capabilities that will bring more value to their customers.

Advertisement

Myung-Hwan Kim, chief production & procurement officer and head of the battery research center at LG Chem’s Energy Solution Company said, “LG Chem is continuously striving to lead in battery technology development based on an open innovation approach. We will foster potential start-ups in partnership with Hyundai and Kia, and strengthen our capabilities in the EV sector.”

Virtual interviews in October

The companies said that startups that have working prototypes and are building technologies in EV charging and fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling, and manufacturing are strongly encouraged to participate. They added that applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. After that, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants.

Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office, the hub for Hyundai Motor Group’s open innovation in the U.S. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants.

Danny Kennedy, chief energy officer of New Energy Nexus said, “Both LG Chem and Hyundai Motor and Kia are leading the charge for better batteries and better mobility systems. Their joint effort to accelerate startups through the EV and Battery Challenge shows they are in it for the long game. We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition.”

Advertisement

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *