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."