OCI Solar Power, CPS Energy, and Hyundai Motor Group Agree to Enter Negotiations to Test an Innovative Way to Store Energy

September 16, 2021 by Hyundai

•CPS Energy, OCI Solar Power, and Hyundai Motor Group to develop an energy storage system (ESS) from recycled electric vehicle (EV) batteries, to be built by September 2022

•All three parties will sign a memorandum of understanding (MOU) during today

OCI Solar Power, one of the largest utility-scale solar energy developers in Texas, CPS Energy, the nation's largest municipally-owned, fully-integrated electric and natural gas utility, and the Hyundai Motor Group, a South Korean multinational mobility manufacturer that includes Hyundai Motor Company and Kia Corporation, signed a Memorandum of Understanding (MOU) to test recycled electric vehicle (EV) batteries for solar energy storage.

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 three parties will work to build the ESS and then analyze and 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.

'CPS Energy has been a visionary leader for solar projects in Texas. And now, 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. It speaks to all of our cooperation and commitment to innovation, renewable energy, and energy efficiency in the Alamo City.'

'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. The fact that Hyundai Motor chose the Alamo City to test this storage project speaks volumes to San Antonio's commitment to reducing emissions through innovative technology.'

'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.'

•Representatives in the event

Trending News
  • Start your engines: line up to race the LEGO Technic McLaren Senna GTR in Asphalt 9: Legends Grand Prix
  • Toyota Partners with Torrence Racing Beginning with 2022 NHRA season
  • 2022 Acura RDX Pricing & Availability Announced
  • MINI USA and MINI John Cooper Works Team ready with three cars for TC America series finale at Indianapolis
  • Hyundai Celebrates Hispanic Heritage Month

    Hyundai Motor Group

    Jae Hyuk Oh, Vice President, Energy Business Development Group

    Hyunwoo Noh, Senior Research Engineer, ESS Business Development Team

    CPS Energy

    Fred Bonewell, Chief Operating Officer

    Frank Almaraz, Chief Power, Sustainability & Business Development Officer

    Jonathan Tijerina, Sr. Director, Business & Economic Development

    Simon Castillo, Business & Economic Development Manager

    OCI Solar Power

    Charles Kim, President & CEO

    Timothy Heinle, VP of Business Development

    Sabah Mahmood, VP of Project Development, EPC & Operations

    Sam Martens, Director of Strategy

    Partial video of the MOU signing can be found on OCI Solar Power's Facebook page (@OCISolarPowerSA).

  • posted on

    Vehicle information, history, And specifications from concept to production.
    Follow ConceptCarz on Facebook Follow ConceptCarz on Twitter RSS News Feed
    © 1998-2021 Reproduction or reuse prohibited without written consent.