Hyundai, Kia Motors and LG Chem launch contest to invest in EV, battery startups

Hyundai Motor, Kia Motorsand EV battery manufacturer LG Chemhave jointly launched a global competitiontoidentify up to 10electric vehiclesand battery start-upsfor potential investment and collaboration.New Energy Nexus, the international start-up support organisation,will manage and facilitate the competition.

Thechosenstart-ups will have the opportunity to work hand-in-hand withHyundai, Kia, andLG Chem, to develop proof-of-concept projects while leveragingthe sponsors’technical expertise, resources andlaboratories.Theglobal 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 prototypesand are building technologies in EV charging and fleet management, power electronics and components, personalisation services and battery management, systems, materials, recycling and manufacturing arestronglyencouraged to participate.

Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will attend atwo-dayworkshop in November at the HyundaiCRADLE 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.

“We are widening our collaboration with start-upsthat havepromising and innovative ideas. We look forward to working with various start-ups that will lead the globalEVmarket and next-generation battery innovation througha joint program with LG Chem, which has world-class battery technology," said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.

“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."

“Both LG Chem and Hyundai Motor and Kia are leading the charge for better batteries and better mobility systems. 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," says Danny Kennedy, Chief Energy Officer of New Energy Nexus.

With the automobile industry’s increased focus on development of more eco-friendly vehicles, specifically electric vehicles, 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 Motor Group is planning to deploy 44 eco-friendly models by the year 2025, including 23 EVs.

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.