South Korea’s vehicle OEM Hyundai Motor Group has signed a memorandum of understanding (MoU) with PV manufacturer Hanwha Q Cells to recycle old EV batteries into second-life energy storage applications.
The partnership will develop energy storage systems (ESS) using old EV batteries for the European and North American markets.
Hyundai’s chief innovation officer Chi Young-cho, told the country’s media that the partnership would activate the massive supply of renewable energy and maximise the reuse of electric vehicle batteries to complete the eco-friendly value chain of electric vehicles.
The two companies are due to demonstrate an energy storage system using a solar power plant in the German research center of Hanwha Q Cells.
They will then launch trial sales using their existing customer infrastructure and explore ESS projects linked to solar energy.
In 2018, BEST reported on Hyundai’s plans to make inroads into the global power storage market under a second-life EV batteries deal with Finnish energy tech firm Wärtsilä.
The companies said their “technology and commercial partnership” would target “advanced energy storage products and platforms that maximise Hyundai’s second-life EV batteries”— selling into Wärtsilä’s existing network of customers across 180 countries.
Photo provided by Hyundai Motor Group