Hyundai Motor, Hanwha Q Cells join hands for ESS development
SEOUL, May 31 (Yonhap) -- Hyundai Motor Group, South Korea's leading carmaker, said Sunday that it has joined hands with local solar cells and modules manufacturer Hanwha Q Cells to develop energy storage system (ESS) with used electric vehicle (EV) batteries.
Under the memorandum of understanding, the two sides will cooperate to find a business solution that recycles EV batteries and makes ESS at a lower cost. They plan to develop home-use ESS products together, targeting European and North American customers.
The two companies also agreed to explore solar-related ESS projects by utilizing their infrastructure and supply channels.
Hyundai Motor Group said the partnership will facilitate expansion of renewable energy use and support its efforts to establish an environmental-friendly ecosystem for the EV industry.
The South Korean automotive titan in recent years has been pushing to develop ESS in the after-market use of EV batteries.
In 2018, Hyundai signed a strategic partnership with Finnish energy giant Wartsila on developing the commercial market for ESS using recycled EV batteries. Last year, it decided to join forces with local solar energy firm OCI Co. for an ESS project.
kdon@yna.co.kr
(END)
-
Ateez to drop new Japanese EP next week
-
Gov't to significantly increase international flights to meet travel demand
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
(5th LD) N.K. leader, wearing mask, chairs meeting on omicron outbreak
-
(URGENT) N. Korea says fever symptoms reported among more than 18,000 people Thursday alone amid COVID-19 outbreak
-
(LEAD) Presidential secretary resigns amid controversy over remarks on homosexuality
-
(2nd LD) S. Korea, U.S. have 'plan B' ready in case of N.K. provocation during Biden's visit
-
Former President Moon scheduled to meet Biden in Seoul this weekend
-
(3rd LD) N. Korean missile or nuclear test very possible during Biden's Asia trip: Sullivan
-
Yoon to announce S. Korea's participation in IPEF
-
(LEAD) Yoon to virtually attend summit launching IPEF