Hyundai Heavy moves into storage business
05. April 2012 | Markets & Trends, Industry & Suppliers | By: Shamsiah Ali-OettingerHyundai Heavy Industries will partner with Magna E-Car Systems under a joint venture, MAHY E-CELL, to co-develop a successful battery cell and battery pack business. Hyundai Heavy aims to couple its new battery direction with its renewable energies division.
Hyundai Heavy and Magna E-Car will conduct engineering, design, development and testing together. Hyundai Heavy owns 40 percent stake of the venture. The Japanese heavyweight expects the development of MAHY E-CELL to be a stepping stone into entering the energy storage business and plans to link its solar and wind power business with energy storage as a new growth engine.
Lee Choong-dong, COO of Hyundai Heavy's Green Energy Division said, "The establishment of MAHY E-CELL is a reflection of Hyundai Heavy's determination to become a leading eco-friendly integrated energy company by advancing into Europe and North America's electric car batteries market and ESS business. We see solar energy, wind power, and energy storage systems as integral to our future growth."
To leave a comment you must first sign in or register your details
No comments have been submitted yet. Why not login or register and be the first?
Subscribe today!
Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!
Most read
EU anti-dumping duties expected to eliminate 1.3 GW of PV installations
2055 viewsYingli to develop 3 GW of PV plants in China
1969 viewsInvestment in renewables reaches $244 billion worldwide
1837 viewsU.S. PV installations rise 33% in first quarter
1815 viewsOntario revamps FIT program
1813 views
Opinion & analysis
Read our new guest article on India's new solar policies from NPD Solarbuzz.
Press releases
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!