SK Innovation and Continental Corporation announced recently their intention to team up for powering electric vehicles worldwide: Both corporations sign a Heads of Agreement that describes the formation of a joint venture with which both companies want to develop, manufacture and market Lithium Ion battery systems for automotive applications. Due to the worldwide regulatory efforts in reducing carbon emissions and changing consumer needs, automobiles will become increasingly dependent on battery systems over the next 10 years.
SK Innovation and Continental will have 51% and 49% of ownership respectively. The initial JV operations will be based in Germany and Korea; and the management team will be comprised of executives from both companies. The business will serve automotive OEMs globally. The new joint venture is subject to the completion of JV agreements, which are expected to be achieved by midyear 2012.
The JV will focus on developing Li-Ion battery systems for automotive customers. SK Innovation will supply market leading lithium ion battery cells to the JV while Continental will supply Battery Management Electronics and its overall automotive systems competence. The newly formed entity will bring together leading experiences in developing battery systems for Hybrid Electric Vehicle (HEV), Plug-in Hybrid (PHEV) and Electric Vehicle (EV) programs at leading automobile manufacturers worldwide.
For more attend Electric Vehicles Land Sea Air USA 2012,where Phoenix International - A John Deere Company (leader in agricultural vehicles), BMW (cars etc), Mitsubishi Motors (small commercial vehicles and cars), Daimler AG (commercial and military vehicles and cars) and Toyota (leader in electric forklifts, cars, buses) will present. Uniquely, a large number of electric vehicle manufacturers not seen in conventional EV events will present including WheelTug airliner electrification on the ground, Pipistrel manned electric aircraft, University of Michigan unmanned solar aircraft, SolTrac electric farm tractors, Monterey Bay Aquarium Research Institute Autonomous Underwater Vehicles AUVs. Many manufacturers of industrial, commercial, military, e-bike, cars and other EVs will be there. At last you can meet those responsible for the majority of the hybrid and pure electric vehicle market and they all need components!! Most are prosperous growing businesses not reliant on government support that can be withdrawn at any time.
Also read Electric Vehicle Traction Batteries 2011-2021 and Electric Motors for Electric Vehicles 2012-2022 .
Source and image: SK Innovatioin