Hyundai Motor Group President and head of Strategy and Technology Division Chi Young-cho (left) and Hanwha Q Cells President Kim Hee-chul pose for a photo during an MOU signing ceremony held at Hanwha Group’s headquarters in Seoul on Friday. (Hyundai Motor Group)
Hyundai Motor Group said Sunday it has signed a memorandum of understanding with photovoltaic solar cells manufacturer Hanwha Q Cells for energy storage systems to use recyclable batteries from electric vehicles.
The two firms held an MOU signing ceremony on Friday, which was attended by Hyundai Motor Group President and head of Strategy and Technology Division Chi Young-cho and Hanwha Q Cells President Kim Hee-chul attended.
Amid the expanding ratio of renewable energy use such as solar energy around the world, demand for ESS which helps efficient use of renewable energy sources have also increased.
According to Bloomberg New Energy Finance, the ratio of renewable energy development will rise to 40 percent by 2040, while the world’s ESS market will use 379 gigawatt hours by 2024, compared to 3 GWh in 2017.
According to the automaker, the deal involves the two firms’ cooperation in new businesses to make use of EV battery for solar power energy, as well as to co-develop products using ESS targeting European and North American markets and conduct demonstration at Hanwha Q Cell’s solar photovoltaic power station in Germany.
The co-development of ESS using EV batteries will reduce system establishment costs, and also be suitable for large-scale supplies which can provide reasonable prices in the renewable energy market, the company said.
Hyundai Motor Group said through the partnership, it aims to secure a stable market of solar energy-related ESS, while Hanwha Q Cells will be able to offer a competitive price for ESS product as a total energy solutions company.
“We will be able to complete an environmentally friendly EV value system by maximizing use of EV batteries, as well as activating large-scale supplies of renewable energy,” Chi said.
In recent years, Hyundai Motor Group has clinched partnerships with various local and global firms for ESS using recyclable EV batteries such as Korea Hydro & Nuclear Power, Wärtsilä and OCI.
By Kim Da-sol (email@example.com