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Hyundai Motor Group signs MoU with Hanwha Q Cells to develop new energy storage systems

Hyundai Motor Group has signed a memorandum of understanding with photovoltaic solar cell manufacturer Hanwha Q CELLS to develop energy storage systems (ESS) from used EV batteries. This move highlights the continued growth of renewables in Korea and the globe, as the ESS industry is expected to expand from using 4 GWh in 2017 to 379 GWh in 2024.

The agreement is aimed at enhancing the two firm’s cooperation in using solar power for EV batteries, which will reduce ESS establishment costs. They also hope that by building products suitable for the North American and European markets, they will further encourage large-scale production of renewable energy by expanding the value of EV batteries.

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The Australia-Korea Business Council is the leading national body committed to strengthening the Australia-Korea economic relationship.