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OCI Solar Power, CPS Energy, And Hyundai Motor Group Agree To Enter Negotiations To Test An Innovative Way To Store Energy

By September 2022, the parties plan to install the energy storage system (ESS), developed by Hyundai Motor Group. OCI Solar Power will procure certain ESS components and supervise construction while CPS Energy will operate the ESS. All will share data from the project.

After 7-10 years, a lithium-ion battery used in an EV may no longer be as efficient as needed for that use. However, that same battery may be recycled in an energy storage application and provide valuable energy storage. This partnership is a major step in testing this technology.

“Nearly 10 years after we began developing solar and storage solutions in Texas, we are stepping up our green-energy game. This new collaboration among Hyundai Motor Group, CPS Energy, and OCI Solar Power, will make us one of the first to study the performance and cost benefits of redeploying EV batteries,” said Charles Kim, CEO & President of OCI Solar Power. “We’re proud to have South Korea-based Hyundai Motor Group choose CPS Energy and San Antonio for this project.”

“Today, we are taking a very important step in advancing our technology in regards to battery storage, thanks to this new collaboration with OCI Solar Power and the Hyundai Motor Group,” said Fred Bonewell, Chief Operating Officer of CPS Energy. “Evaluating these innovative technologies is key to discovering the next firming capacity that would be needed to replace fossil fuels.”

“Hyundai Motor Group will verify the possibilities and effectiveness of the ESS business in the North American market through this partnership,” said Jae Hyuk Oh, Vice President of Energy Business Development Group of Hyundai Motor Group. “The Group plans to expand its energy solution business via grafting hydrogen energy to the battery system and provide flexibility against energy volatility in the US electricity market.”

Contacts:

CPS Energy PR Line, 210-353-2344
Dain Kang, Hyundai Motor Group, +82-2-3464-2094, [email protected] 
Leslie Garza-Wright, OCI Solar Power, 210-612-4978, [email protected]

SOURCE OCI Solar Power

Related Links

http://ocisolarpower.com

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Source: https://www.prnewswire.com:443/news-releases/oci-solar-power-cps-energy-and-hyundai-motor-group-agree-to-enter-negotiations-to-test-an-innovative-way-to-store-energy-301377017.html

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