Vehicle OEM Hyundai Motor Group and lithium-ion battery maker SK Innovation will partner to create a battery value chain and strengthen eco-friendliness of electric vehicle batteries.
The South Korean firms have agreed to cooperate in the development of a sustainable ecosystem for electric vehicle (EV) batteries and create a cycle of battery usage known as the Battery as a Service (BaaS), which includes lease or rental service.
To enable cooperation, both sides are focusing on the initial process of collecting and verifying the battery pack of Kia Motors’ Niro EV model.
Solutions to maximise value and eco-friendliness of EV batteries, include using old EV batteries in energy storage systems (ESS) and recycling that extracts metals such as lithium, nickel and cobalt.
As well as collaborating with SK Innovation, Hyundai Motor Group is striving to secure and open up new markets by collaborating with global players specialising in EV battery reuse, including Korea Hydro & Nuclear Power Co., Wartsila, OCI, and Hanwha Solutions.