Energetica India - June 2020

NEWS Kia Motors, Hyundai Motors and LG Chem Partners to Recognize Investment-Worthy EV Startups Hyundai Motor Company and Kia Mo- tors Corporation, along with LG Chem has announced a global competition to recognize up to 10 electric vehicle and battery startups for prospective invest- ment and collaboration. New Energy Nexus, the international startup support organisation, will manage and enable the competition -- ‘EV & Battery Chal - lenge (EVBC)’ -- the companies said in a joint declaration. The selected startups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to de- velop proof-of-concept projects while leveraging the sponsors’ technical ex- pertise, resources and laboratories, they added. “The global competition offers startups the opportunity to showcase their re- spective innovative technologies and unique business models. Through the EVBC, the three sponsors aim to iden - tify and secure core technology capa- bilities that will bring more value to their customers,” the statement said. Candidates 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 inno- vation in the US. There, Hyundai, Kia, and LG Chem will be verifying the inno- vative technologies of the applicants. “We are widening our collaboration with startups that have promising and inno- vative ideas. We look forward to work- ing with various startups that will lead the global EV market and next-gener- ation battery innovation through a joint program with LG Chem, which has world-class battery technology,” Hyun- dai Motor Group President and Chief Innovation Officer Youngcho Chi said. Myung-Hwan Kim, Chief Production and Procurement Officer and head of the battery research centre at LG Chem’s Energy Solution Company said LG Chem is continuously striving to lead in battery technology develop- ment based on an open innovation ap- proach. “We will foster potential startups in partnership with Hyundai and Kia, and strengthen our capabilities in the EV sector,” Kim added. New Energy Nexus Chief Energy Offi - cer Danny Kennedy said LG Chem and Hyundai Motor and Kia are leading the charge for better batteries and better mobility systems. “Their joint effort to accelerate startups through the EV and Battery Challenge shows they are in it for the long game. We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition,” Kennedy added. 11 energetica INDIA- June_2020 The Ministry of New and Renewable Energy (MNRE) has announced that it had set-up a Project Development Cell for appealing investments in India by developing projects. It is intended at creating projects with all sanctions, land available for allo- cation and with the complete detailed project reports for adoption and invest- ment by investors. It would also recognize issues that need to be resolved in order to attract and conclude the investments and put forth these before the Empowered Group. “The Central government has approved the setting up of an Empowered Group of Secretaries and PDCs in ministries and departments of the government for attracting investments in India by development of investible projects in coordination between the Central and state governments,” it said in an Order. MNRE has established the Cell un- der its joint secretary, Amitesh Kumar Sinha. Along with him, other members include Ruchin Gupta, director, MNRE, officers of the Grid Solar Power Division and representatives of Invest India. “The Department for Promotion of In- dustry and Internal Trade has been requested to nominate representatives from Invest India to participate in the working of this cell,” the Order said. It added that a portal is also being de- veloped to receive proposals from the renewable energy sector, with provi- sions to check the status of action tak- en on such proposals. MNRE Establishes Project Development Cell to Attract Investments in Developing Projects