Published on June 24th, 2020 | by Zachary Shahan0
Hyundai, Kia, & LG Chem Plan To Suck The Blood Of EV & Battery Startups
June 24th, 2020 by Zachary Shahan
We got some exciting news out of South Korea this week from three of the biggest players in the auto industry — EV battery giant LG Chem and automakers Kia and Hyundai. The three plan to inspire and tap into the creative and skilled minds of by hosting a startup competition and then sucking the blood of the most promising crews.
Of course, it’s more of a symbiotic blood sucking, since the Korean conglomerates would put resources into the promising startups and potentially turn their founders into millionaires. Not a bad tradeoff for a bit of blood.
The global competition’s aim is to bring 10 EV and battery startups inside Hyundai, Kia, and LG Chem’s doors. The rest of the competitors can have some fun playing on the doorstep.
The “EV & Battery Challenge” is a followup to LG Chem’s narrower 2019 “Battery Challenge,” which indicates that the initial competition was useful and LG Chem’s automotive neighbors want in on the lucrative blood-sucking. A press release puts it in their own more inviting terms: “The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to develop proof-of-concept projects while leveraging the sponsors’ technical expertise, resources and laboratories. … Through the EVBC, the three sponsors aim to identify and secure core technology capabilities that will bring more value to their customers.
“Start-ups that have working prototypes and are building technologies in EV charging and fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling and manufacturing are strongly encouraged to participate. They can apply through www.evbatterychallenge.com from June 22 to August 28.”
They also lay out the steps for startups that make it past the first round:
“Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. 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 U.S. There, Hyundai, Kia, and LG Chem will be verifying the innovative technologies of the applicants.”
Hyundai reiterated in the press release that it intends to have 23 electric vehicles on the market by 2025.
The competition will actually be organized by New Energy Nexus, which is an international nonprofit organization “that strives towards an abundant world with a 100% clean energy economy for 100% of the population in the shortest time possible.” And the organization is working for that. “To achieve this goal, we support diverse clean energy entrepreneurs with funds, accelerators, and networks. We started in California in 2004 and now operate programs in New York, China, India, Southeast Asia and East Africa.”
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