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.
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