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Hyundai, SK to partner on EV battery ecosystem

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SK Group chairman Chey Tae-won (left) and Hyundai Motor Group executive vice-chairman Chung Euisun meet in July. HYUNDAI MOTOR/THE KOREA HERALD

Hyundai, SK to partner on EV battery ecosystem

Hyundai Motor Co and Kia Motors Corp will work together with SK Innovation Co to develop an electric vehicle (EV) battery ecosystem, Hyundai said on Tuesday.

It said the companies will build a cooperation system involving various business areas related to the rental of EV batteries, battery management services, and the reuse and recycling of EV batteries.

Both sides agreed that it is necessary to create high added value and strengthen the eco-friendliness of EV batteries throughout their life cycle, it added.

A Hyundai official said: “Unlike existing mobility-battery businesses, which focused on battery supply, the partnership aims at the battery life cycle, which is called ‘battery-as-a-service’ in a virtuous cycle.

“This will serve as an opportunity to spread more diverse cooperative systems in the mobility-battery industry in the future.”

Through the partnership, the two sides will reduce carbon dioxide emissions, optimise design to link electric cars and batteries, and establish a virtuous cycle that encompasses all processes in a battery’s life cycle from production to recycling.

This is the first detailed plan for cooperation between the automaker and the battery maker since the meeting between Hyundai Motor Group executive vice-chairman Chung Euisun and SK Group chairman Chey Tae-won in July.

Hyundai said the partners will actively seek ways to maximise the added value and eco-friendliness of EV batteries – for instance, by extracting metals such as lithium, nickel and cobalt from vehicle batteries and reusing EV batteries for energy storage systems.

The companies are currently working together to collect and verify battery packs that are used in Niro EV vehicles.

THE KOREA HERALD/ASIA NEWS NETWORK

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