Hyundai Motor Company and LG Chem are jointly sponsoring the 'EV and Battery Challenge' (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration.
New Energy Nexus, the international start-up support organization, will manage and facilitate the competition.
With the automobile industry's increased focus on development of more eco-friendly vehicles, specifically EVs, the demand for high-performance, high-efficiency batteries is greater than ever before.
Hyundai has gained prominence in the global market with a comprehensive portfolio of EVs. Hyundai Motor Group is planning to deploy 44 eco-friendly models by the year 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 offers 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.
President and Chief Innovation Officer of Hyundai Motor Group Youngcho Chi said: 'We are widening our 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 program with LG Chem, which has world-class battery technology.'
Chief Production and Procurement Officer and head of the battery research center at LG Chem's Energy Solution Company Myung-Hwan Kim said: 'LG Chem is continuously striving to lead in battery technology development based on an open innovation approach.
We will foster potential start-ups in partnership with Hyundai, and strengthen our capabilities in the EV sector.'
Chief Energy Officer of New Energy Nexus Danny Kennedy said both LG Chem and Hyundai Motor are leading the charge for better batteries and better mobility systems.
According to him, their joint effort to accelerate startups through the EV and Battery Challenge shows 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,' Kennedy said.
© Pakistan Press International, source Asianet-Pakistan