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Hyundai Motor launches energy storage system business

All Headlines 16:02 September 27, 2019

SEOUL, Sept. 27 (Yonhap) -- Hyundai Motor Co. said Friday it will partner with a state-run renewable energy developer to recycle its used car batteries into energy storage systems.

In a pilot project that will run until 2021, Hyundai Motor and Korea Hydro & Nuclear Power Co. (KHNP) will operate an energy storage project in which KHNP generates 10 megawatt hours of energy using Hyundai's second-hand car batteries, the company said in a statement.

"As demand for battery-powered electric vehicles is on the rise, the number of used car batteries is set to rise over time. Turning used batteries into an energy storage system will be a useful way of recycling them," a company spokesman said.

Hyundai and KHNP aim to supply an energy storage system that can create up to 3 gigawatt hours of energy using solar power, wind power or other renewable energy sources and store it in the system composed of used car batteries by 2030, it said.

This photo taken on Sept. 27, 2019, shows Hyundai Motor President Chi Young-cho (4th from right) and KHNP President & CEO Chung Jae-hoon (4th from left) posing for photo after signing a memorandum of understanding for cooperation on an energy storage systems business at the carmaker's headquarters in Yangjae, southern Seoul. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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