The link between building supertankers and oil rigs and making lithium-ion batteries may not be an obvious one, but the synergy seems attractive to Hyundai Heavy Industries, the world’s largest shipbuilder, which announced Wednesday that it will form a joint venture with Magna E-Car Systems, which supplies a wide range of EV components, including lithium-ion cells and battery packs, electric motors and powertrain control modules.
The new partnership, which will be called MAHY E-CELL, starts to make sense when you learn that one of Hyundai Heavy’s many business segments is involved in solar and wind power. The battery-making venture may serve as a stepping stone to the Energy Storage System (ESS) business, which would neatly complement Hyundai’s renewable energy interests.
Mr. Lee Choong-dong, COO of HHI’s Green Energy Division said, “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.”
Image: Hyundai Heavy Industries