Hyundai Heavy Industries (HHI), the world's largest shipbuilder and a leading green energy company, and Magna E-Car Systems (Magna E-Car), a global supplier of components and systems for hybrid and electric vehicles, announced that the two companies agreed to form a joint venture named MAHY E-CELL as a platform to co-develop and grow a successful 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 electric and hybrid electric vehicle applications. The joint venture will be owned 60% by Magna E-Car and 40% by HHI.
HHI expects the establishment of MAHY E-CELL to serve as a stepping stone to enter the Energy Storage System business and plans to link its solar and wind power business with ESS as a new growth engine.
Mr. Lee Choong-dong, COO of HHI's Green Energy Division said, "The establishment of MAHY E-CELL is a reflection of Hyundai Heavy's determination to become a leading eco-friendly integrated energy company by advancing into Europe and North America's electric car batteries market and ESS business. We see solar energy, wind power, and energy storage systems as integral to our future growth."
Mr. Frank Stronach, Founder and Chairman of Magna E-Car stated "We are pleased to move forward together as partners with HHI to advance next generation cell and battery pack technology to support the growth of the electric and hybrid electric vehicle markets."
Photo: Mr. John Simonetti, CFO of Magna E-Car (left) and Mr. Lee Choong-dong, COO of Hyundai Heavy's Green Energy Division (right)
For more see www.magnaecar.com .