The auto group has signed a memorandum of understanding with Hanwha Q Cells, the manufacturer of photovoltaic solar cells, on the joint development of an energy storage system (ESS) based on the reuse of electric vehicle batteries. Energy storage demand is growing thanks to the global transition from carbon-intensive energy sources to natural gas and renewable source solutions.
"With this cooperation, we will activate the massive supply of renewable energy and maximize the reuse of electric vehicle batteries to complete the eco-friendly value chain of electric vehicles," said Hyundai's chief innovation officer Chi Young-cho.
The two companies would demonstrate an energy storage system using a solar power plant in the German research center of Hanwha Q Cells, launch trial sales using their customer infrastructure and explore ESS projects linked to solar energy.
Hyundai has enhanced its renewable energy sector. The group forged a strategic partnership with Wärtsilä of Finland In June 2018 to commercialize ESS for battery recycling and signed a memorandum of understanding with OCI, a domestic chemical product maker, in 2019 to recycle discarded EV batteries for solar energy ESS.
In September 2019, the auto group joined hands with Korea Hydro & Nuclear Power (KHNP), the operator of nuclear power stations, for a joint pilot project to supply energy storage systems using discarded batteries.
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