The three of the biggest players in the Korean auto industry — EV battery giant LG Chem and automakers Kia and Hyundai, plan to inspire and tap into the creative and skilled minds by hosting a startup competition.
The Korean conglomerates would put resources into the promising startups and potentially turn their founders into millionaires.
The global competition’s aim is to bring 10 EV and battery startups inside Hyundai, Kia, and LG Chem’s doors. The rest of the competitors can have some fun playing on the doorstep.
The “EV & Battery Challenge” (EVBC) is a followup to LG Chem’s narrower 2019 “Battery Challenge,” which indicates that the initial competition was useful and LG Chem’s automotive neighbors want it again.
The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, 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.
Timeline
Hyundai reiterated in the press release that it intends to have 23 electric vehicles on the market by 2025.
The competition will actually be organized by New Energy Nexus, which is an international nonprofit organization “that strives towards an abundant world with a 100% clean energy economy for 100% of the population in the shortest time possible.”
Reference- Hyundai Online Newsroom, Clean Technica, EVBC website