The move follows the Ministry of Trade, Industry and Energy's recent decision to give regulatory exemptions for new business models based on reusing EV batteries. Before, it was difficult for companies to push for such projects as the country has no regulations related to the reuse of worn-out EV batteries.
The data from the project will help the government set up regulations on the matter, Hyundai Motor Group said, according to South Korean News Agency (Yonhap).
The group will build a 2-megawatt-hour energy storage system (ESS) with waste EV batteries at the solar power plant at Hyundai Motor Co.'s Ulsan plant, 414 kilometers southeast of Seoul, to provide electricity generating at the plant outside the electrical power grid.
Hyundai Motor Group will also push ahead with a plan to provide a 3-gigawatt-hour ESS to be built with waste EV batteries in the wake of the pilot project.
The 3-gigawatt-hour ESS would be the world's largest ever, the group said.
In a bid to reuse the waste EV batteries, Hyundai Motor Group signed a cooperative deal with Finland's energy company Wartsila in 2018.
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