Hyundai Motor Group is seeking to move into the global renewable energy market in partnership with energy solution company OCI.
The group signed an MOU with OCI on Sept. 9 to build energy storage systems (ESSs) by recycling waste electric vehicle (EV) batteries and carry out distributed power generation projects.
OCI operates solar power plants in major countries such as Korea, the United States, and China. Hyundai Motor Group plans to discover business opportunities in the renewable energy market and build a resource recycling system from EV development to waste EV batteries.
To this end, Hyundai Motor Group plans to install ESSs that recycle waste EV batteries at OCI's photovoltaic power plants in Gongju, Korea and Texas, the United States to carry out empirical analysis and verify business feasibility.
In addition, the two companies will develop a decentralized power generation business model optimized for power generation policies in North America and Korea, and set up a bridgehead into the global renewable energy market by building a network among related companies such as power generation companies and power utility companies. The decentralized power generation business refers to power generation facilities that can be spread on a small scale near power consumption areas.
The ESS industry is a next-generation promising industry that is expected to grow together with the electric vehicle market put on the right growth track as a device that stores generated power and supplies it when it is needed.