Hyundai Motor Co (KRX: 005380) has opened an expansive new centre for battery research at South Korea’s Seoul National University to secure the country’s spot as a leader in the development of electric vehicle technology.
The vehicle manufacturer unveiled the Joint Battery Research Center (JBRC) at the institution on Tuesday, a facility with seven research labs and conference rooms inside the university’s Institute of Chemical Processes. Hyundai will be investing approximately $30.8 million in the centre over the next seven years.
The new facility will be undertaking 22 research projects focused on lithium, solid-state batteries, battery process technology and battery management systems and will establish advanced infrastructure such as a precision battery analysis system.
Hyundai’s goal is to develop battery technologies that will enable greater driving distances for electric vehicles with reduced charging times and the facility will specifically focus on the mass production capability of those technologies. The automotive company aims to produce over 3.6 million electric vehicles by 2030.
Hyundai and the school signed a memorandum of understanding for the centre’s establishment in November 2021.
Hyundai’s Executive Chair Euisun Chung speaks at the centre’s grand opening ceremony. Photo via Hyundai Motor Group
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The JBRC will be the university’s first-ever battery research facility. It will be led by the institution’s professor and battery science expert Jang Wook Choi.
“We expect that the best faculty and graduate students will create synergy with Hyundai Motor Group’s competent researchers, laying the groundwork for various innovations ranging from the basics of batteries to applications,” said the university’s President, Hong Lim Ryu.
Hyundai says it plans to invest approximately $9.8 billion in electric vehicles within the next 10 years. The company plans on developing a sustainable battery life cycle system as well.
“Through pioneering joint research and development efforts, we hope to empower all researchers to lead the way in propelling the transition to electrification of the mobility industry,” said Euisun Chung, Executive Chair of Hyundai.
Hyundai announced last month that it would be splitting its funding 50/50 over the next three years between internal combustion engine (ICE) vehicles and “future technologies” like electric vehicles. The company says from 2026 onward its rate of investments in ICE vehicles will be gradually decreasing.
In 2022, the vehicle producer generated an operating profit of approximately $10.1 billion.
Hyundai shares rose by 0.65 per cent Tuesday to the equivalent of C$205.07 on the Korea Exchange.
rowan@mugglehead.com
