Hyundai Motor, Kia Motors and LG Chem look to invest in startups

Hyundai Motor, Kia Motors and LG Chem look to invest in startups

Hyundai Motor Company, Kia Motors Corporation, and LG Chem recently announced the launch of a global competition to identify startups operating in EV and battery space for potential investment and collaboration.

The jointly-sponsored “EV & Battery Challenge” (EVBC) will identify up to 10 EV and battery startups as a part of the global competition. The competition will be managed and supported by Nexus, an international startup support organization.

“We are widening our collaboration with startups that have promising and innovative ideas,” said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.

“We look forward to working with various startups 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,” Chi added.

According to the joint statement released by the companies, the selected startups will get an opportunity to work with Hyundai, Kia, and LG Chem, and to develop proof-of-concept projects while leveraging the technical expertise, resources, and laboratories of the sponsoring companies.

The global competition will provide a platform for startups to showcase their respective innovative technologies and business models. Through the global competition, the three sponsors aim to identify and secure core technology capabilities that will bring more value to their customers and the global EV market.

Startups 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.

The applications for the competition will remain open starting June 22 to August 28, 2020.


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