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Hyundai Glovis is entering a new market that was revealed to be the fast-growing battery recycling business. The company will be reusing used electric vehicle batteries for its energy storage system (ESS) biz.
For this latest venture, Hyundai Glovis said on Monday. Nov. 7, it will be setting up a renewable energy facility and power grid models in Shinan-gun, South Jeolla Province. As per The Korea Herald, the logistics company headquartered in Seoul is teaming up with three firms, namely - the Korea Hydro & Nuclear Power, LS Electric, and Sinan County Office, to build energy storage systems using used EV batteries in 2023.
One of the goals of this project is to help the region in the eco-friendly transition of its fuel-based power plant. The firm said that its ESS technology which uses used electric vehicle batteries, will generate more added value by minimizing carbon emissions and saving energy.
Hyundai Glovis will be collaborating with the territory’s local authorities for the construction of its hybrid power generation complex there. Once completed, it is expected to produce electricity for public use, using environmentally-friendly sources of energy such as wind, solar, used batteries, and green hydrogen.
The Korea Times reported that Hyundai Glovis signed a memorandum of understanding (MOU) with Korea Hydro & Nuclear Power. LS Electric and Sinan County on Friday, Nov. 4. They all agreed to work together on the development of power grid models utilizing both new and renewable energies. By applying these eco-friendly sources, the companies are looking to honor their respective carbon neutrality pledges while also improving utilization efficiency.
"The recent MOU was meaningful as we have been able to contribute to revitalizing Sinan County's economy," an official of Hyundai Glovis said in a statement. "In line with the growth of the used EV batteries market, we will actively discover other business models reusing EV batteries."
Finally, Hyundai Glovis confirmed this week that its new facility would utilize a used battery energy storage system (UBESS) to distribute electricity to the residents of the region. It will make sure to deliver power to the islanders only in an environmentally friendly way.
