The global competition will identify ten EV and battery start-ups for prospective investment and collaboration
Hyundai Motor Company, KIA Motors Corporation, and LG Chem are jointly sponsoring a global competition, ‘EV & Battery Challenge’ (EVBC). The challenge will help identify up to ten EV and battery start-ups for potential investment and collaboration. The international start-up support organisation, New Energy Nexus, will be managing the competition. As the industry’s focus shifts towards the development of eco-friendly EVs, the demand for high-performance, high-efficiency batteries has increased exponentially. Both Hyundai and KIA have been working extensively on electrification, and have a comprehensive portfolio of EVs in the global market. Hyundai is working towards releasing 44 eco-friendly models by the year 2025, including 23 EVs.
The competition will reveal start-ups which will have the opportunity to work closely with Hyundai, KIA, and LG Chem, to develop proof-of-concept projects while leveraging the sponsors’ technical expertise, resources, and laboratories. The global 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 prototypes and are building technologies in EV charging and fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling, and manufacturing are strongly encouraged to participate. Interested parties may apply online from June 22 to August 28.
All applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office, the hub for Hyundai Motor Group’s open innovation in the U.S. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants. “We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology,” mentions Youngcho Chi, President and Chief Innovation Officer, Hyundai Motor Group.