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Hyundai Motor Company, Kia Motors Corporation, and LG Chem are jointly sponsoring the ‘EV & Battery Challenge’ (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration.

The chosen start-ups will have the opportunity to work hand-in-hand with the three companies 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 can apply through from June 22 to August 28.

Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group, says: “We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology.”

Myung-Hwan Kim, Chief Production & Procurement Officer and head of the battery research center at LG Chem’s Energy Solution Company, adds: “LG Chem is continuously striving to lead in battery technology development based on an open innovation approach. We will foster potential start-ups in partnership with Hyundai and Kia, and strengthen our capabilities in the EV sector.”

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.

New Energy Nexus, the international start-up support organization, will manage and facilitate the competition.

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