OCI Solar Power, CPS Energy, and Hyundai Motor Group Agree to Enter Negotiations to Test an Innovative Way to Store Energy
OCI Solar Power, one of the largest utility-scale solar energy developers in Texas, CPS Energy, the nation’s largest municipally-owned, fully-integrated electric and natural gas utility, and the Hyundai Motor Group, a South Korean multinational mobility manufacturer that includes Hyundai Motor Company and Kia Corporation, signed a Memorandum of Understanding (MOU) to test recycled electric vehicle (EV) batteries for solar energy storage. Hyundai Motor Group CPS Energy OCI Solar Power
By September 2022, the parties plan to install the energy storage system (ESS), developed by Hyundai Motor Group. OCI Solar Power will procure certain ESS components and supervise construction while CPS Energy will operate the ESS.
However, that same battery may be recycled in an energy storage application and provide valuable energy storage. Fred Bonewell, Chief Operating Officer Jae Hyuk Oh, Vice President, Energy Business Development Group Charles Kim, President & CEO
About CPS Energy
Established in 1860, CPS Energy is the nation's largest public power, natural gas, and electric company, providing safe, reliable, and competitively-priced service to 860,934 electric and 358,495 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers' combined energy bills rank among the lowest of the nation's 20 largest cities – while generating $8 billion in revenue for the City of San Antonio for more than seven decades. CPS Energy is among the top public power wind energy buyers in the nation and number one in Texas for solar generation.
Headquartered in San Antonio, Texas, OCI Solar Power develops, constructs, finances, owns, and operates solar photovoltaic (PV) facilities, specializing in utility-scale and distributed generation solar projects throughout the U.S. OCI Solar Power is a wholly-owned subsidiary of OCI Company, Ltd., a publicly traded company in Korea that provides solutions to customers worldwide through business portfolios ranging from basic chemical products to solar PV generation and urban development under the vision of “Global Leading Green Energy and Chemical Company.” For more information, visit www.ocisolarpower.com.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com
Sep 15, 2021 at 08:20