Hyundai and SK Innovation agree to cooperate in the field of EV batteries including leasing

11 September 2020, 04:02:53

Two months ago, the chiefs of Hyundai and SK Innovation met to discuss possible cooperation in the EV market. Obviously, the two companies have reached a level of agreement. More specifically, they have agreed to cooperate in the development of a sustainable ecosystem for EV batteries, which includes battery sales solutions, battery management service and battery reuse, and recycling. To enable cooperation, both sides are focusing on the initial process of collecting and verifying the battery pack of Kia Motors' e-Niro model. The Hyundai-SK cooperation aims for a virtuous cycle of battery usage known as the Battery as a Service (BaaS), which includes lease or rental service. As a result, the cooperation is expected to catalyse the spread of diverse cooperation systems between mobility and battery companies. In particular, the two companies will seek solutions that can maximise value and eco-friendliness of EV batteries, including reuse of batteries that are no longer useable in vehicles in diverse applications such as the Energy Storage Systems (ESS); and battery recycling that extracts economically valuable metals such as lithium, nickel and cobalt.

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