Hyundai, Kia & LG Chem Looking to Invest in EV and EV Battery Startups

Hyundai, Kia and LG Chem are jointly sponsoring a global competition to identify up to 10 EV and battery startups for potential investment and collaboration

With demand for EVs growing, Hyundai Motor Company, Kia Motors Corporation, and LG Chem are jointly sponsoring the “EV & Battery Challenge” (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration.

With the automobile industry’s increased focus on the development of more eco-friendly vehicles, specifically EVs, the demand for high-performance, high-efficiency batteries is greater than ever before. Hyundai and Kia have gained prominence in the global market with a comprehensive portfolio of EVs. Hyundai alone is planning to deploy 44 eco-friendly models by the year 2025, including 23 EVs.

Global EV Battery Market to Reach 40.6 mn Units by 2026

Also Read

“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,” said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.

The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, 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. 

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 all eligible to participate. They can apply through the website – www.evbatterychallenge.com from June 22 to August 28, 2020.

GM and LG Chem to Mass Produce Battery Cells for Future EVs

Also Read

Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will 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, Kia, and LG Chem will be verifying the innovative technologies of the applicants.

“LG Chem is continuously striving to lead in battery technology development based on an open innovation approach,” said Myung-Hwan Kim, Chief Production & Procurement Officer and Head of the battery research center at LG Chem’s Energy Solution Company. “We will foster potential start-ups in partnership with Hyundai and Kia, and strengthen our capabilities in the EV sector.”

Last year, LG Chem hosted “The Battery Challenge” to discover innovative technologies in the battery business, and this year, it has partnered with Hyundai and Kia to create more synergy in the EV sector.