Hyundai Heavy & Magna E-Car Systems to develop lithium-ion battery

Hyundai Heavy Industries (HHI), and Magna E-Car Systems (Magna E-Car), a supplier of components and systems for hybrid and electric vehicles, have announced a joint venture named Mahy E-Cell as a platform to co-develop and grow a successful battery cell and battery pack business. Under the agreement, HHI and Magna E-Car will jointly conduct engineering, design, development and testing activities with the goal of preliminary validation of battery cell and battery pack technologies for electric and hybrid ele
April 19, 2012 Read time: 2 mins
1684 Hyundai Heavy Industries (HHI), and 5026 Magna E-Car Systems (Magna E-Car), a supplier of components and systems for hybrid and electric vehicles, have announced a joint venture named Mahy E-Cell as a platform to co-develop and grow a successful battery cell and battery pack business. Under the agreement, HHI and Magna E-Car will jointly conduct engineering, design, development and testing activities with the goal of preliminary validation of battery cell and battery pack technologies for electric and hybrid electric vehicle applications. The joint venture will be owned 60 per cent by Magna E-Car and 40 per cent by HHI.

HHI expects the establishment of MAHY E-CELL to serve as a stepping stone to enter the Energy Storage System business and plans to link its solar and wind power business with ESS as a new growth engine. According to Lee Choong-dong, COO of HHI's Green Energy Division, "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."

Related Content

  • November 16, 2017
    Ballard and Siemens sign $9 million agreement on fuel cell engine train
    Ballard Power Systems (BPS) has announced it has signed a development agreement with Siemens, with a contemplated value of $9 million (£6.8 million), to develop a zero-emission fuel cell engine to power Siemens’ Mireo light rail train in Germany. Initial deployments of the train are planned for 2021. BPS will develop a 200-kilowatt fuel cell engine for integration into the new train platform which aims to reach speeds of up to 160 km per hour (100 miles per hour). Sabrina Soussan, chief executive officer
    Read More
  • May 25, 2012
    Grant to fund commercialisation of PbC batteries for micro-hybrid vehicles
    Axion Power International, the developer of advanced lead-¬carbon PbC batteries and energy storage systems, has been awarded a US$150,000 grant from the US Department of Energy (DoE) to fund a commercialisation plan for the use of its PbC batteries in a low-cost, high-efficiency dual battery architecture for micro-hybrid vehicles.
    Read More
  • August 10, 2012
    Boston-Power to supply battery systems to Beijing Electric Vehicle company
    Boston-Power, a provider of next-generation lithium-ion battery cells, modules and systems, has announced a multi-year agreement to provide battery systems to Beijing Electric Vehicle Company (BJEV), the electric vehicle delivery arm of Beijing Automotive Industry Company (BAIC). Under terms of the agreement, Boston-Power’s battery systems are expected to support multiple BJEV models and brands. Availability of pre-ordered vehicles begins in fourth calendar quarter 2012 with the C70 sedan, which is based on
    Read More
  • July 7, 2015
    ADAS ‘fastest growing sector’ in automotive field
    According to the latest research by RnR Market Research, Advanced Driver Assistance Systems (ADAS) has been one of the fastest-growing sectors in automotive field and is expected to register a CAGR of 32 per cent during 2014-2019. Currently, developed countries in Europe and America have had nearly eight per cent of new vehicles equipped with ADAS, in contrast to about two per cent in emerging markets. It is predicted that over 25 per cent of new vehicles will carry ADAS by 2019 globally. The Global a
    Read More

Highlighted Content