Hyundai X SK innovation

Hyundai and SK Innovation to Develop EV Battery Ecosystem

Hyundai Motor Group and SK Innovation Co. announced a partnership to come up with a sustainable ecosystem for electric vehicle batteries. The companies will work together on matters revolving around the EV battery industry, battery sales solutions, battery services, reuse, and recycling.

The main collective focus will be on creating a battery value chain and an eco-friendly business environment, including the lifecycle of batteries for electric vehicles. Furthermore, the companies will collaborate on a battery cycle called Battery as a Service (BaaS), which includes lease and rental services.

Also, Hyundai and SK aim to work on the stability of the battery supply chain as well as to create a viable cycle of resources to streamline the recycling process.

The partnership will concentrate on other significant goals as well. Minimizing carbon emissions is the obvious one since the main reason to push for electric cars. C0nsequently, the focus will be put on battery reuse in electric vehicles. They plan on doing that by using optimal design practices for next-gen batteries.

Read more: EV Battery Cost will Come Down to $100/kWh by 2024

In essence, reducing battery waste start by reusing some of the battery cells in other applications, such as Energy Storage Systems (ESS). Meanwhile, the recycling process will focus on taking out metals like lithium, nickel, and cobalt for later use.

“Our cooperation with SK Innovation, a first-tier supplier for our Electric Global Modular Platform (E-GMP) that will be in service in 2021, has a critical meaning as the first step in maximizing synergies between mobility and battery companies,” said Chi Youngcho, President and Chief Innovation Officer of Hyundai Motor Group. “We expect our cooperation will play an immensely positive role in strengthening Hyundai-KIA’s competitiveness in EVs as well as expanding the supply of eco-friendly EVs.”

Hyundai Motors already partners with businesses that excel in recycling EV batteries, such as Korea Hydro & Nuclear Power Co., OCI, and Hanwha Solutions.


About Mayank Goel

Mayank Goel
Mayank Goel is a CA aspirant who loves to research and analyze stock markets, finance, and cars. He started working as a content writer to keep learning and spread the knowledge with others. He also loves dogs and travel.

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