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September 14, 2021 (SAN ANTONIO) — OCI Solar Power, one of the largest utility-scale solar energy developers in Texas, CPS Energy, the nation’s largest municipally-owned, fully-integrated electric and natural gas utility, and the Hyundai Motor Group, a South Korean multinational mobility manufacturer that includes Hyundai Motor Company and Kia Corporation, signed a Memorandum of Understanding (MOU) to test recycled electric vehicle (EV) batteries for solar energy storage.
By September 2022, the parties plan to install the energy storage system (ESS), developed by Hyundai Motor Group. OCI Solar Power will procure certain ESS components and supervise construction while CPS Energy will operate the ESS. All three parties will work to build the ESS and then analyze and share data from the project.
After 7-10 years, a lithium-ion battery used in an EV may no longer be as efficient as needed for that use. However, that same battery may be recycled in an energy storage application and provide valuable energy storage. This partnership is a major step in testing this technology.
“CPS Energy has been a visionary leader for solar projects in Texas. And now, nearly 10 years after we began developing solar and storage solutions in Texas, we are stepping up our green-energy game. This new collaboration among Hyundai Motor Group, CPS Energy, and OCI Solar Power, will make us one of the first to study the performance and cost benefits of redeploying EV batteries,” said Charles Kim, CEO & President of OCI Solar Power. “We’re proud to have South Korea-based Hyundai Motor Group choose CPS Energy and San Antonio for this project. It speaks to all of our cooperation and commitment to innovation, renewable energy, and energy efficiency in the Alamo City.”
“Today, we are taking a very important step in advancing our technology in regards to battery storage, thanks to this new collaboration with OCI Solar Power and the Hyundai Motor Group,” said Fred Bonewell, Chief Operating Officer of CPS Energy. “Evaluating these innovative technologies is key to discovering the next firming capacity that would be needed to replace fossil fuels. The fact that Hyundai Motor chose the Alamo City to test this storage project speaks volumes to San Antonio’s commitment to reducing emissions through innovative technology.”
“Hyundai Motor Group will verify the possibilities and effectiveness of the ESS business in the North American market through this partnership,” said Jae Hyuk Oh, Vice President of Energy Business Development Group of Hyundai Motor Group. “The Group plans to expand its energy solution business via grafting hydrogen energy to the battery system, and provide flexibility against energy volatility in the US electricity market.”
Hyundai Motor Group
Jae Hyuk Oh, Vice President, Energy Business Development Group
Hyunwoo Noh, Senior Research Engineer, ESS Business Development Team
CPS Energy
Fred Bonewell, Chief Operating Officer
Frank Almaraz, Chief Power, Sustainability & Business Development Officer
Jonathan Tijerina, Sr. Director, Business & Economic Development
Simon Castillo, Business & Economic Development Manager
OCI Solar Power
Charles Kim, President & CEO
Timothy Heinle, VP of Business Development
Sabah Mahmood, VP of Project Development, EPC & Operations
Sam Martens, Director of Strategy
Partial video of the MOU signing can be found on OCI Solar Power’s Facebook page (@OCISolarPowerSA).
Additional photos of the MOU signing are at https://www.smugmug.com/gallery/n-g68FTT/
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About CPS Energy
Established in 1860, CPS Energy is the nation's largest public power, natural gas, and electric company, providing safe, reliable, and competitively-priced service to 860,934 electric and 358,495 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers' combined energy bills rank among the lowest of the nation's 20 largest cities – while generating $8 billion in revenue for the City of San Antonio for more than seven decades. As a trusted and strong community partner, we continuously focus on job creation, economic development, and educational investment. True to our People First philosophy, we are powered by our skilled workforce, whose commitment to the community is demonstrated through our employees' volunteerism in giving back to our city and programs aimed at bringing value to our customers. CPS Energy is among the top public power wind energy buyers in the nation and number one in Texas for solar generation.
About OCI Solar Power LLC
OCI Solar Power is a leader in the solar power industry. Headquartered in San Antonio, Texas, OCI Solar Power develops, constructs, finances, owns, and operates solar photovoltaic (PV) facilities, specializing in utility-scale and distributed generation solar projects throughout the U.S. OCI Solar Power is a wholly-owned subsidiary of OCI Company, Ltd., a publicly traded company in Korea that provides solutions to customers worldwide through business portfolios ranging from basic chemical products to solar PV generation and urban development under the vision of “Global Leading Green Energy and Chemical Company.” For more information, visit www.ocisolarpower.com.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all. More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com
