Hyundai Motor, Kia and LG Chem Join Forces to Support Startups
June 22, 2020
Two of Korea’s biggest start-up supporters and investors for mobile and energy storage solutions around the world launch the EV and Battery Challenge (EVBC), a global startup innovation program aimed to accelerate startups building battery and electric vehicle technologies. Up to ten startups will have the opportunity to work hand-in-hand with LG Chem, Hyundai Motor Company, and Kia Motors Corporation to develop sponsored proof of concept projects while leveraging their technical expertise, resources and laboratories.
The EV and Battery Challenge is the second iteration of the Battery Challenge by LG Chem in 2019, with Hyundai Motor and Kia as new co-sponsors. Last year, The Battery Challenge received 129 applications from 27 countries and seven finalists were invited to the LG Chem headquarters in Korea to meet with researchers to pitch their technologies and collaborate on joint development projects. $100,000 was awarded to the Top 5 winners of the program.
“We are widening our collaboration with startups with promising and innovative ideas. We look forward to working with various startups that will lead the global electric vehicle market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology,” says Youngcho Chi, President and Chief Innovation Officer, Hyundai Motor Company.
The EV and Battery Challenge are recruiting startups that have a working prototype and are building technologies in electric vehicle charging and fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling and manufacturing.
“LG Chem is continuously striving to lead in battery technology development based on an open innovation approach,” said Myung-Hwan Kim, Chief Production and 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 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.
The EV and Battery Challenge application window is from June 22 to August 28. Finalists will get to participate in a 2-day workshop at Hyundai’s Cradle office in Silicon Valley to meet with LG Chem, Hyundai Motor and Kia open innovation and research teams. New Energy Nexus is the program manager and facilitator for the EV and Battery Challenge.
LG Chem is South Korea’s largest diversified chemical company which operates four main business portfolios: Petrochemicals, Energy Solutions, Advanced Materials and Life Sciences. The chemical business manufactures a wide range of petrochemical products from high-value added to commodity goods. LG Chem also extends its chemical expertise into high-tech areas such as lithium-ion batteries, industrial & automotive materials, drugs & vaccines to deliver broad range of differentiated solutions for our customers. Throughout multiple production facilities and an extensive distribution network around worldwide, LG Chem employs approximately 40,000 people and generated sales of KRW 28.6 trillion in 2019. For more information, please visit www.lgchem.com
Hyundai Motor Company
Established in 1967, Hyundai Motor Company offers a range of world-class vehicles and mobility services in more than 200 countries. Hyundai Motor sold more than 4.4 million vehicles globally in 2019, and currently employs some 120,000 personnel worldwide. The company is enhancing its product lineup with vehicles designed to help usher in a more sustainable future, while offering innovative solutions to real-world mobility challenges. Through the process Hyundai aims to facilitate ‘Progress for Humanity’ with smart mobility solutions that vitalize connections between people and provide quality time to its customers.
Disclaimer: Hyundai Motor Company believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader.
Kia Motors Corporation
Kia Motors (www.kia.com) is a maker of world-class quality vehicles for the young-at-heart. Founded in 1944, Kia today sells around 3 million vehicles a year in over 190 countries, with 52,000 employees worldwide, annual revenues of over KRW 58 trillion (about US$50 billion) and manufacturing facilities in six countries. Kia is spearheading the transition to electric vehicles and pursuing mobility services to help tackle urban challenges around the world. The company’s brand slogan – “The Power to Surprise” – represents Kia’s global commitment to surprise the world with exciting, inspiring experiences that go beyond expectations.
For more information, please visit the Kia Motors Global Media Center at www.kianewscenter.com
New Energy Nexus
New Energy Nexus is a non-profit international organization that strives towards an abundant world with a 100% clean energy economy for 100% of the population in the shortest time possible. To achieve this goal, we support diverse clean energy entrepreneurs with funds, accelerators, and networks. We started in California in 2004 and now operate programs in New York, China, India, Southeast Asia and East Africa. For more information, please visit newenergynexus.com.