Hyundai Heavy and Magna E-Car to develop Li-ion battery

Hyundai Heavy Industries (HHI) and Magna E-Car Systems, a global supplier of components and systems for hybrid (HEVs) and electric vehicles (EVs), agreed on April 2 to form a joint venture named MAHY E-Cell as a platform to co-develop and grow a battery cell and battery pack business. Under the agreement, HHI and Magna E-Car will jointly conduct engineering, design, development, and testing activities with the goal of preliminary validation of battery cell and battery pack technologies for EV and HEV applications. HHI expects the joint venture, which will be owned 60% by Magna E-Car and 40% by HHI, to serve as a stepping stone to enter the Energy Storage System (ESS) business and plans to link its solar and wind power business with ESS as a new growth opportunity. HHI is an integrated heavy industries company with business divisions specializing in shipbuilding, marine engines and machinery, and construction equipment, among other sectors.

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