Hyundai Kia and LG Chem Introduce Global Competition For Investment In EV Startups

• Applications have been open since June 22 and will close on August 28.

• Virtual interviews will be conducted in October with a final two-day workshop in Hyundai's CRADLE Silicon Valley office to determine the winning startups.

• Hyundai Motor Group is planning up to 44 eco-friendly models by 2025 with 23 of them being EVs.

As the EV trend gathers steam, an increasing number of carmakers have begun investing in the development of related tech. And now, and LG Chem have come together to sponsor the 'EV and Battery Challenge' (EVBC), a global competition managed by New Energy Nexus. It will see several startups showcase their respective innovative technologies and unique business models, out of which up to 10 will be identified for potential investment and collaboration with the trio.

The application process already began on June 22 and will be open till August 28. Applicants can enter the competion on this. The applicants that pass the initial review process will go through virtual interviews in October. The finalists will attend a two-day workshop at Hyundai's CRADLE Silicon Valley office in November where Hyundai, Kia and LG Chem will select the winners.

The global competition encourages startups that have working prototypes. It includes those working on technology such as EV charging, power electronics, fleet management, personalisation services, battery management systems, materials, recycling and manufacturing.

Hyundai and Kia have been building a strong presence in the electric vehicle market with models like the. Hyundai Motor Group plans to roll out 44 eco-friendly models by 2025 with 23 of them being EVs.