Hyundai Elec Partners with Leading Mobility Charging Startup

[Asia Economy Reporter Choi Dae-yeol] Hyundai Electric, a power equipment and energy solutions affiliate of Hyundai Heavy Industries Group, announced on the 14th that it has signed a memorandum of understanding (MOU) with small and medium-sized enterprises in the mobility charging sector to promote new businesses. The MOU with companies such as Moving, Pumpkin, and ChargeIn aims to advance eco-friendly power trading and the establishment of high-efficiency electric charging station solutions.

Through this MOU, Hyundai Electric plans to procure renewable energy such as solar power from power producers and supply it to electric mobility charging station operators for electric two-wheelers, electric passenger cars, and electric buses. They will provide charging station operation solutions that enable efficient power usage by integrating energy management technology based on energy storage systems (ESS) into the electric charging station infrastructure.

Hyundai Electric intends to expand its microgrid solutions and energy trading business through this MOU. This move is aimed at responding to the rapid electric charging market. A microgrid is a system that can self-supply power in small-scale local areas based on renewable energy sources like solar and wind power and ESS. According to market research firm TechNavio, the global E-mobility charging infrastructure market is expected to grow at an average annual rate of 53% from 2020 and reach approximately $17.64 billion by 2024.

A company official stated, "This MOU signifies our intention to take the lead in the power trading business in the E-mobility market, which has high future growth potential, based on our strengths in the energy trading platform," adding, "We will take the lead in building a green mobility ecosystem by securing technological capabilities in the renewable energy sector."

This content was produced with the assistance of AI translation services.