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."

For more information on companies in this article

Related Content

  • Van Pool requests 40 Ballad fuel-cell engines for buses in Germany
    March 6, 2018
    Ballad Power Systems (Ballad) has received a letter of intent from original equipment manufacturer partner Van Hool, for 40 FCveloCity-HD 85-kilowatt fuel cell engines to power buses in Germany under the first Joint Initiative For Hydrogen Vehicles Across Europe (JIVE) program. These projects aim to commercialise fuel cell electric buses, reduce costs and support the development of hydrogen refuelling stations. Van Hool plans to deploy 30 of these buses with the Regionalverkehr Köln transit agency in
    Read More
  • UK to lead the way in testing driverless cars
    July 20, 2015
    The UK government has launched a US$30 million competitive fund for collaborative research and development into driverless vehicles, along with a code of practice for testing. The measures, announced by Business Secretary Sajid Javid and Transport Minister Andrew Jones, will put the UK at the forefront of the intelligent mobility market, expected to be worth US£1.4 trillion by 2025. The government wants bidders to put forward proposals in areas such as safety, reliability, how vehicles can communicat
    Read More
  • Profitable niches in the electric vehicles market
    December 18, 2015
    Vehicles are electrifying at a breakneck speed and they are being completely reinvented with developments in many components and systems, according to a report by IDTechEx Research. Disruptive change and significant technological innovation is now being seen across all forms of electric vehicles for land, water and air. The fruits of all this are spectacular – from the vehicles themselves to over US$500 billion market opportunity that will be created by 2026. IDTechEx Research analyses and forecasts eve
    Read More
  • Schneider Electric to acquire Telvent for $2 billion
    January 27, 2012
    Schneider Electric has signed a definitive agreement with Telvent GIT to make a cash tender offer for all of Telvent's shares at a price of $40 per share, which represents a premium of 36% to Telvent's average share price over the last 3 months.
    Read More

Highlighted Content