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LG Chem, Hyundai & Kia Motors launch Global EV and Battery Challenge for startups!

EV & Battery Challenge by LG Chem, Hyundai & KIA Motors
EV & Battery Challenge by LG Chem, Hyundai & KIA Motors

Are you looking for someone to realize your dream of making an electric car? Do you think your technology has an edge over existing technologies that go inside EVs? Here is your chance to grab the opportunity. The Korean multinationals Hyundai Motor Company, Kia Motors Corporation, and LG Chem have organized The EV & Battery Challenge (EVBC).

What exactly is the competition all about?

The competition aims to hunt, on a global level, 10 worthy startups working in EVs and battery-making, for collaboration. The TRIOs, post completing the thorough assessment of the startups will fund their project for further development.

The competition will be overseen by New Energy Nexus, an international non-profit organization that supports clean energy entrepreneurs with funds, accelerators, and networks. The collaboration will help startups to gain access to the Koreans’ labs, their expertise as well as to their resources. The multinationals in return will expect to harness the new ideas of the startups to add more value to their existing technologies, creating an enhanced product range.

As more and more automotive industries are turning their heads towards developing Zero-emission vehicles, the electric vehicles to be precise, the market for EV batteries is on an exponential rise. This eventually is creating a greater demand for batteries with high performance and better efficiency.

New Energy Nexus mentioned that LG Chem, Hyundai and Kia, foresee the future of battery and electric vehicle technology to be very promising, and that’s why they are thrilled to be engaging with the startup community on building this future, together.

In order to be eligible for the collaboration, the startups must fit into following three categories,

  1. The company should be at least at its pre-commercial level with a working prototype ready
  2. Should preferably have the technology readiness level of 3-6
  3. And is desirous to work with LG and Kia and Hyundai motors

Apart from Startups with working prototypes, the companies involved in developing technologies such as charging of EVs, fleet management, electronics that go into EVs, materials for batteries, reusing and recycling of batteries, components of EVs, customer service, etc., are strongly encouraged to participate. They can apply through www.evbatterychallenge.com from June 22 to August 28.

How will the competition take place?

The ideal candidates keen to work with the three sponsors should have their concept validated and be ready with the working prototype. The team must exhibit strong expertise in the battery and mobility sector, and should have the proposed solution clearly distinguishing from the existing solutions. The plans should be aimed at a global scale.

Once the application gets shortlisted, the startup will be reviewed for business feasibility and technology. The applicants that pass the review round, will step-up for the virtual round that will take place between October to November. After completing the Virtual interview step, the finalists will become eligible to attend a two-day workshop at the Hyundai CRADLE Silicon Valley office in the month of November.

timeline of EV & Battery Challenge

timeline of EV & Battery Challenge

Then, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office, the hub for Hyundai Motor Group’s open innovation in the US. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants and will evaluate them in order to secure their prospects.

Danny Kennedy, Chief Energy Officer of New Energy Nexus said

Both LG Chem and Hyundai Motor and Kia are leading the charge for better batteries and better mobility systems. Their joint effort to accelerate start-ups through the EV and Battery Challenge shows they are in it for the long game. We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition.

Young Cho Chi, President and Chief Innovation Officer of Hyundai Motor Group said

We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has a world-class battery technology.

Last year, LG Chem held a similar contest to bring up innovative technologies in the battery-making business. To keep up with discovering the efforts innovating the EV batteries, LG Chem synergized with Kia and Hyundai Motors to propel their vision of making efficient and performance-driven batteries for electric vehicles.

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