Hyundai Motor teams up with Finns to build batteriesHyundai Motor Group has partnered with Finnish technology group Wartsila to advance into the energy storage system market, a move aimed at securing a driver for future growth, the conglomerate said Tuesday.
In the strategic partnership, Hyundai Motor and Wartsila will jointly develop an energy storage system (ESS) made with used electric car batteries. They aim to promote the ESS on the global market, Hyundai said in a statement.
Hyundai expects the ESS market, which recycles used lithium ion automobile batteries, to grow in line with rising demand for electric vehicles.
Hyundai Steel, an affiliate of Hyundai Motor Group, is in the process of building a 1-megawatt ESS facility at its plant in Dangjin, South Chungcheong, to recycle car batteries used in Hyundai Motor’s Ioniq Electric and Kia Motors’ Soul EV.
The Korean automotive group expects to commercialize the car battery-based ESS in global markets within the next three years after it conducts a variety of tests in the United States and other regions, it said.
The Finnish firm is a global leader in smart technologies and complete life cycle solutions for marine and energy markets.