Kia, Hyundai & LG Chem Launch Global Competition To Invest In EV Startups

With the future of automobiles being electric, big manufacturers are looking to find new ways of developing EV and battery technology. One of the methods could be to identify promising battery and EV startups and collaborate with them. A trio of big Korean companies namely, Hyundai Motor Corporation, Kia Motors Corporation and LG Chem will be doing the same. These companies have decided to jointly sponsor the "EV and Battery Challenge (EVBC), which is a global level competition that will aim to identify top 10 EV and battery startups around the world for possible investment and collaboration. A company called 'New Energy Nexus', which is an international startup support organisation, will be managing the said competition.

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(EV and Battery startups working on battery management, materials, fleet management, EV technology, components etc can participate in this global competition)

The idea of the competition is to offer a platform where EV and battery startups can show their technologies and business models. The three sponsor companies will look to identify core technology and capabilities to offer better value in its new products and to customers as well. The top 10 startups will be working with Hyundai, Kia and LG Chem on 'proof-of-concept' projects and also make use of the technical expertise, resources and laboratories of these companies. Hyundai Motor Group is planning to launch 44 eco-friendly models by 2025, including 23 EVs.

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(Hyundai and Kia will be launching 44 eco-friendly vehicles by 2025, including 23 EVs)

"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," said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.

Startups that are working on EV charging, fleet management, electronic components, battery management, materials, recycling and manufacturing, can apply for taking part in this competition. Applicants who pass the first review based on business feasibility and technology will go through virtual interviews and then attend a two day workshop in Hyundai CRADLE in Silicon Valley, USA.