Hyundai Motor and LG Chem Launch Global ‘EV and Battery Challenge’
With demand for electric vehicles (EV) growing, Hyundai Motor Company and LG Chem are jointly sponsoring the EV and Battery Challenge (EVBC), a global competition to identify up to ten EV and battery start-ups for potential investment and collaboration. International start-up support organisation New Energy Nexus, will manage and facilitate the competition.
With the automobile industry’s increased focus on development of more eco-friendly vehicles, specifically EV, the demand for high-performance, high-efficiency batteries is now greater than ever. Hyundai has gained prominence in the global market with a comprehensive portfolio of EV, and Hyundai Motor Group is planning to deploy 44 eco-friendly models by 2025, including 23 EVs.
The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai and LG Chem, to develop proof-of-concept projects while leveraging the sponsors’ technical expertise, resources and laboratories. The global competition will offer start-ups the opportunity to showcase their respective innovative technologies and unique business models. Through the EVBC, the three sponsors aim to identify and secure core technology capabilities that will bring more value to their customers.
Start-ups that have working prototypes and are building technologies in EV charging and fleet management, power electronics and components, personalisation services and battery management, systems, materials, recycling and manufacturing are strongly encouraged to participate. Application to join the challenge is open until 28 August.
Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Finalists will then attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office, the hub for Hyundai Motor Group’s open innovation in the US. There, Hyundai and LG Chem will verify the innovative technologies of applicants.
According to Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group, they are widening their collaboration with start-ups that have promising and innovative ideas.
We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint programme with LG Chem, which has world-class battery technology.
LG Chem is continuously striving to lead in battery technology development based on an open innovation approach, says Myung-Hwan Kim, Chief Production and Procurement Officer and head of the battery research centre at LG Chem Energy Solution Company.
We will foster potential start-ups in partnership with Hyundai, and strengthen our capabilities in the EV sector.
Danny Kennedy, Chief Energy Officer of New Energy Nexus, said that both LG Chem and Hyundai Motor are leading the charge for better batteries and better mobility systems. Their joint effort to accelerate start-ups through the EV and Battery Challenge shows that they are in it for the long game.
We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition.
LG Chem hosted The Battery Challenge last year to discover innovative technologies in the battery business. This year it has teamed up with Hyundai to create more synergy in the EV sector.
Visit the evbatterychallenge.com for more information about the competition.