SEOUL, Sept. 9 (Korea Bizwire) — Hyundai Motor Group, South Korea’s top automotive group, said Monday it plans to enter the renewable energy market along with local solar energy firm OCI Co.
Under the memorandum of understanding (MOU), Hyundai Motor will install energy storage systems (ESS) at OCI’s solar power stations in South Korea and Texas, United States, to gauge whether the business is feasible.
Hyundai has recently been pushing to develop ESS in the after-market use of EV batteries.
Last June, Hyundai signed a strategic partnership with Finland’s energy giant Wartsila on developing the commercial market for ESS using recycled EV batteries.
“ESS is an environment-friendly way to solve the wasted EV battery problem,” Hyundai said in a statement.
“With our latest project, we will enhance our technology and secure a stepping stone to enter the renewable energy market.”