Old EV batteries used again for renewablesHyundai Motor Group hopes to expand its renewable energy business in partnership with a local solar energy company.
The automaker announced in a statement Monday that it has signed an initial agreement with OCI to install energy storage systems that utilize used electric car batteries at OCI’s solar power stations.
Energy storage systems can improve electric system efficiency while stabilizing supply by saving already produced energy, the automaker said. The system is useful when used with renewable energy generators, such as solar power panels, in which output fluctuates depending on environmental conditions.
As part of the memorandum of understanding, Hyundai Motor Group will be examining how feasible it will be to store energy generated from solar power in recycled electric vehicle batteries. The two companies will also cooperate in developing business in the distributed power generation market in Korea and North America.
“One of the most environmentally-friendly solutions for waste electric vehicle batteries is using them as energy storage systems,” said Chi Young-cho, head of the strategic division for Hyundai Motor Group in a statement. “Through this collaboration, we will not only enhance our technological prowess but also establish a bridgehead for our entry into the global renewable energy market.”
Hyundai Motor Group has been recently expanding its investment into energy storage systems to stay competitive in the growing electric car market and gain an edge in the use of recycled electric batteries.
The group signed a strategic partnership with Helsinki-based Wartsila in June 2018 to work on the development of a commercial market for such systems using recycled electric car batteries.
BY KO JUN-TAE [email@example.com]