Hyundai Motor·Kia Sign MOU with Jeju Island for Electric Vehicle-Based 'V2G Pilot Project'

[Asia Economy Reporter Ki-min Lee] Hyundai Motor and Kia announced on the 7th that they have signed a 'Jeju Special Self-Governing Province Fleet Vehicle V2G (Vehicle to Grid) Pilot Project Memorandum of Understanding (MOU)' in collaboration with Hyundai Capital and Jeju Special Self-Governing Province.

The MOU signing ceremony was attended by Choi Seung-hyun, Deputy Governor of Jeju Special Self-Governing Province, Kim Heung-soo, Executive Vice President and Head of the Electric Vehicle (EV) Division at Hyundai Motor and Kia, and Shim Jang-soo, Head of the Auto Division at Hyundai Capital.

Through this agreement, Hyundai Motor, Kia, Hyundai Capital, and Jeju Special Self-Governing Province will demonstrate 'V2B (Vehicle To Building),' which supplies electric vehicle battery power to buildings, laying the groundwork for future commercialization of V2G.

Hyundai Motor and Kia will develop V2G solutions to efficiently manage EV charging and discharging. Based on the 'V2L (Vehicle To Load)' function installed in the Ioniq 5 and EV6, they will carry out various additional developments to promote new power auxiliary services.

Hyundai Capital will expand its EV vehicle and charger leasing business, while Jeju Province will optimize electricity costs at the provincial government office by utilizing Ioniq 5 fleet vehicles, cooperating in various ways.

Electric vehicles, equipped with high-capacity batteries, act as mobile energy storage systems (ESS), supplying surplus power generated during driving to buildings and contributing to grid stabilization, enabling efficient energy use. In the mid to long term, once power sales become possible, vehicle owners can supply remaining electricity in EV batteries to the power grid, creating new revenue streams.

Recently, Hyundai Motor and Kia attracted attention by unveiling electric vehicles equipped with the V2L function. V2L provides a consumption power of 3.6 kW, higher than typical household use, allowing unrestricted use of home appliances and electronic devices in various outdoor environments such as outdoor activities or camping sites.

Executive Vice President Kim Heung-soo said, "We aim to demonstrate new uses of electric vehicles that provide benefits to all participants by not only serving as a means of transportation but also supplying power to the grid when needed and offering customers ways to reduce maintenance costs through additional revenue generation." He added, "Especially in Jeju, where the proportion of renewable energy is high, V2G will be used as an auxiliary device for optimizing power supply and utilization."

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