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

  • Connected vehicle technology the solution to safety?
    January 25, 2012
    A series of 'driver clinics' is under way across five states, as vehicle manufacturers and the US Government pin their hopes on connected vehicles becoming the next big advance in road safety. Pete Goldin reports. What would a car say if it could talk? Its first words might be: "Here I am". Many vehicles are communicating that very message to each other right now. Admittedly, this is in controlled environments of US Department of Transportation (USDoT) tests, but within the next few years 'connected vehicle
    Read More
  • Telvent relocates and takes a global stance on ITS
    March 12, 2012
    Telvent's Manuel Sanchez Ortega, on relocating the company's headquarters to the US and how that fits in the international scheme of things. The change-of-address cards are in the post; Manuel Sanchez Ortega has just moved homes. The domestic upheaval of Telvent's Chairman and Chief Executive comes as a result of the decision to relocate many of the company's headquarter functions from Madrid to Rockville, Maryland in the US. Viewed in the context of its significant recent acquisitions in North America - am
    Read More
  • Pony.ai & Sany go AV trucking
    August 19, 2022
    Joint venture will see companies develop Level 4 autonomous truck for mass production
    Read More
  • Shock therapy: jolt for EV charging needed
    October 2, 2018
    As sales of electric vehicles accelerate, the growth of charging infrastructure is in need of a big boost. Graham Anderson reports on whether Europe is up to it. Utilities, technology companies and vehicle manufacturers are battling to put in place new charging networks for electric vehicles (EVs) across Europe in response to a predicted dramatic surge in demand. Market experts believe that rapidly falling battery costs – which make up about one third of the costs of an electric car – and growing
    Read More

Highlighted Content