Creating a Global Startup Ecosystem... Hyundai Motor Group Partners with Israel Innovation Authority

Hyundai Motor Group signed a business agreement with the Israel Innovation Authority and delivered a keynote speech at a local startup event. This is to contribute to the creation of a global innovation ecosystem in Israel, known as the cradle of startups.

On the 23rd (local time), Hyundai Motor Group participated in the startup event "EcoMotion Week 2023," hosted by an organization under the Israeli government. EcoMotion Week is Israel's largest annual startup event organized by "EcoMotion," established by the Israeli government to foster an innovation ecosystem in the mobility sector. Hyundai Motor Group, which has participated in the event annually since 2017, delivered a keynote speech at this year's event following last year.

On this day, Hyundai Motor Group signed a business agreement with the Israel Innovation Authority and decided to support the discovery and nurturing of innovative Israeli startups. According to the agreement, Hyundai Motor Group and the Israel Innovation Authority will create a startup contest program to select outstanding startups in the mobility sector and jointly support the startups' initial technology verification (PoC·Proof of Concept).

On the 23rd, Hyundai Motor Group signed a business agreement with the Israel Innovation Authority at "Ecomotion Week 2023" to support the discovery and nurturing of Israeli startups. The photo shows Kim Heung-soo, Vice President in charge of GSO at Hyundai Motor Group (left), and Amiram Appelbaum, Chairman of the Israel Innovation Authority, posing for a photo after signing the agreement. Photo by Hyundai Motor Group

At the event, Kim Heung-soo, Vice President in charge of Hyundai Motor Group's Global Strategy Office (GSO), delivered a keynote speech titled "HYUNDAI’S INNOVATION in Israel," introducing Hyundai Motor Group's future mobility strategies including ▲Electric Vehicles (EV) ▲Robotics ▲Advanced Air Mobility (AAM) ▲Purpose Built Vehicle (PBV).

Vice President Kim also explained plans to strengthen strategic investment and open innovation activities centered on "CRADLE Tel Aviv," a global innovation hub established by Hyundai Motor Group in Tel Aviv, Israel, in 2018. Since its establishment, CRADLE Tel Aviv has invested in 17 Israeli companies and conducted more than 25 technology verification projects, promoting new collaborations with local startups every year.

Additionally, Hyundai Motor Group set up an exhibition booth at the event showcasing project outcomes developed in collaboration with Israeli startups, including ▲Gauzy's active smart glasses and ▲Apollo Power's film-type solar cells.

Vice President Kim stated, "Hyundai Motor Group has achieved tangible results by pursuing innovative projects with Israeli companies over the past 10 years. Now, we will further advance open innovation to build closer partnerships for jointly developing future new technologies."

Meanwhile, besides Tel Aviv, Hyundai Motor Group has established and operates CRADLE global open innovation centers in ▲Silicon Valley, USA (2011), ▲Berlin, Germany (2019), ▲Beijing, China (2019), and ▲Singapore (2021).

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