April 26, 2024

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[THE INVESTOR] Hyundai Motor Group has partnered with Finnish technology group Wartsila to better advance into the energy storage system market, a move aimed at securing a new growth driver, the conglomerate said on June 26.

In the strategic partnership, Hyundai Motor and Wartsila will jointly develop an energy storage system using used electric car batteries. They aim to promote the used car battery-based ESS on the global market, Hyundai said in a statement.

Hyundai expects the ESS market that recycles used lithium ion automobile batteries to grow in line with rising demand for electric vehicles.

Hyundai Steel, an affiliate of Hyundai Motor Group, is in the process of building a 1 megawatt ESS facility at its plant in Dangjin, 123 kilometers southwest of Seoul, to recycle car batteries used in Hyundai Motor’s Ioniq Electric and Kia Motors’ Soul EV, the statement said.

The Korean automotive group expects to commercialize the car battery-based ESS in global markets within the next three years after it conducts a variety of tests in the United States and other regions, it said.   

The Finish firm is a global leader in smart technologies and complete life cycle solutions for marine and energy markets.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)