Hyundai Motor Group Provides Self-Developed Electric Vehicle Battery Reuse ESS
Installed and Operated at CPS Energy Texas Site, OCI Supplies Related Equipment
[Asia Economy Reporter Changhwan Lee] Hyundai Motor Group is partnering with the largest public power generation company in the United States to supply electricity using reused electric vehicle batteries in ESS (Energy Storage System).
On the 14th (local time), Hyundai Motor Group announced that it signed an MOU (Memorandum of Understanding) for the "Electric Vehicle Battery Reuse ESS Construction and Power System Integration Demonstration Project" with CPS Energy and OCI Solar Power in the U.S.
CPS Energy is the largest public power and natural gas company in the U.S., supplying electricity and gas to approximately 1.2 million households in Texas. Texas is the state with the largest power generation capacity in the U.S. OCI Solar Power, a subsidiary of OCI Group specializing in solar power, is engaged in solar power and ESS development projects in the North American region.
The MOU signing ceremony was held at the OCI Solar Power headquarters in San Antonio, Texas, with Hyundai Motor Group Executive Director Jae-hyuk Oh, CPS Energy Chief Operating Officer (COO) Fred Bonewell, OCI Solar Power President Cheong-ho Kim, and other representatives from the three companies in attendance.
At the signing ceremony, the three parties agreed on the construction of reused electric vehicle battery ESS, sharing and analyzing data generated from the operation of the reuse system, and cooperation plans for future new energy business promotion.
Hyundai Motor Group explained that through this demonstration project, it will install its self-developed reused electric vehicle battery ESS in Texas by September next year.
Hyundai Motor will provide the reused electric vehicle battery ESS, CPS Energy will provide the installation site and operate the system, and OCI Solar Power will procure and construct other facilities such as ESS PCS (Power Conditioning System).
Furthermore, the three companies plan to conduct the demonstration project aiming to verify the product quality and business feasibility of the reused electric vehicle battery ESS, verify the stabilization effect on the electric power system, and strengthen cooperation with distributed resources such as solar and hydro power.
Executive Director Jae-hyuk Oh said, "This demonstration project will serve as a foothold for the entry of reused electric vehicle battery ESS into the North American power market," adding, "We plan to expand this into a solution business that environmentally addresses the variability of renewable energy by linking hydrogen production, storage, and power generation systems in the future."
Paula Gold-Williams, Chairwoman of CPS Energy, said, "We are exploring new technologies to expand renewable energy that replaces fossil fuels," and added, "Through this cooperation, we will contribute to reducing carbon emissions in Texas."
OCI Solar Power President Cheong-ho Kim said, "As a solar power operator with abundant experience and technology, OCI has laid the foundation to accelerate its entry into the North American energy market through this MOU," and added, "We will lead the rapidly growing U.S. renewable energy market through this demonstration project."
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