Hyundai, Kia and LG Chem to jointly invest in EV and battery start-ups
Automobile majors Hyundai and Kia along with LG Chem have announced a competition wherein they are inviting electric-vehicle and battery start-ups for collaboration and investment opportunity. Ten winners from this competition will get an opportunity of working with these three brands, wherein the technical expertise, resources and also the laboratories will be at their disposal to develop proof-of-concept EV projects.
The EVBC (EV & Battery Challenge) will see participation from start-ups with working prototypes, and are working on tech in the EV charging, fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling and manufacturing. The competition has already started accepting entries and will continue do so till August 28. Here's a link to the registration website. Mentioning of the process, applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will attend a two-day workshop in November at the Hyundai Cradle Silicon Valley office. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants.
"We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology," said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.
"LG Chem is continuously striving to lead in battery technology development based on an open innovation approach," said Myung-Hwan Kim, Chief Production & Procurement Officer and head of the battery research center at LG Chem's Energy Solution Company. "We will foster potential start-ups in partnership with Hyundai and Kia, and strengthen our capabilities in the EV sector."
The Hyundai Motor Group is planning to deploy 44 eco-friendly models by the year 2025, including 23 EVs.