Hyundai Motor, Kia Motors and LG Chem Launch
Global Competition to Invest in EV and Battery Start-ups
SEOUL, June 18, 2020 – With demand for EVs growing, Hyundai Motor Company, Kia Motors Corporation,
and LG Chem are jointly sponsoring the “EV & Battery Challenge” (EVBC), a global competition to identify
up to 10 EV and battery start-ups for potential investment and collaboration. New Energy Nexus, the international
start-up support organization, will manage and facilitate the competition.
With the automobile industry’s increased focus on development of more eco-friendly vehicles, specifically EVs,
the demand for high-performance, high-efficiency batteries is greater than ever before. Hyundai and Kia have
gained prominence in the global market with a comprehensive portfolio of EVs. Hyundai Motor Group is planning
to deploy 44 eco-friendly models by the year 2025, including 23 EVs.
The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to
develop proof-of-concept projects while leveraging the sponsors’ technical expertise, resources and
laboratories. The global competition offers start-ups the opportunity to showcase their respective innovative
technologies and unique business models. Through the EVBC, the three sponsors aim to identify and secure
core technology capabilities that will bring more value to their customers.
Start-ups that have working prototypes and are building technologies in EV charging and fleet management,
power electronics and components, personalization services and battery management, systems,
materials, recycling and manufacturing are strongly encouraged to participate. They can apply through
www.evbatterychallenge.com from June 22 to August 28.
Applicants that pass the first review on business feasibility and technology will go through virtual interviews in
October. Then, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley
office, the hub for Hyundai Motor Group’s open innovation in the U.S. There, Hyundai, Kia, and LG Chem will be
verifying the innovative technologies of the applicants.
“We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to
working with various start-ups that will lead the global EV market and next-generation battery innovation through
a joint program with LG Chem, which has world-class battery technology,” said Youngcho Chi, President and
Chief Innovation Officer of Hyundai Motor Group.
“LG Chem is continuously striving to lead in battery technology development based on an open innovation
approach,” said Myung-Hwan Kim, Chief Production & Procurement Officer and head of the battery research
center at LG Chem’s Energy Solution Company. “We will foster potential start-ups in partnership with Hyundai
and Kia, and strengthen our capabilities in the EV sector.”
“Both LG Chem and Hyundai Motor and Kia are leading the charge for better batteries and better mobility systems.
Their joint effort to accelerate startups through the EV and Battery Challenge shows they are in it for the long
game. We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner
energy transition,” says Danny Kennedy, Chief Energy Officer of New Energy Nexus.
Last year, LG Chem hosted “The Battery Challenge” to discover innovative technologies in the battery business,
and this year, it has partnered with Hyundai and Kia to create more synergy in the EV sector.
– End –