Used Battery Energy Storage System

Short description: Electric vehicle battery storage

Used Battery Energy Storage System is a system that recycles batteries from electric vehicles using an energy storage system (ESS).

Details

Used batteries from electric vehicles have enough capacity to be used for p to 3 to 10 years, and the remaining capacity can be utilized by UBESS. The power saved by ESS can be used to supply energy to households, buildings and factories.

Current situation

Renault Samsung-LG Chem

On October 31, 2019, Renault Samsung and LG Chem signed an agreement for the Korea ESS development project. Renault Samsung will provide waste batteries from electric vehicles to LG Chem, while LG Chem will build and test ESS optimized for waste batteries by 2021.^[1]

Hyundai Motor Group

On September 9, 2019, Hyundai Motor Group and OCI, an energy solution company, signed a memorandum of understanding to demonstrate recycling energy storage devices for electric vehicles and cooperate with distributed power generation businesses. By connecting the self-developed waste electric vehicle battery recycling energy storage system to a North American commercial solar power plant, it started a demonstration project and discovered a distributed power generation business model using renewable energy. On September 27, 2019, Hyundai Motor Group signed an agreement with Korea Hydro & Nuclear Power Company to jointly develop an ESS business for recycling waste batteries for electric vehicles.^[2] On May 29, 2020, signed MOU with Hanwha Q Cell for solar-connected energy storage systems.^[3]^[4]^[5]

Battery Recycling Market Status

On March 3, 2020, MarketsandMarkets Research, a market research firm, announced that the electric vehicle battery recycling market is about 1.6 trillion won as of 2019 and will grow to about 20 trillion won by 2030.

References

↑ "Renault Samsung partners LG Chem for ESS development". 《The Korea Herald》. http://www.koreaherald.com/view.php?ud=20191031000682.
↑ "Hyundai, OCI partner on recycled EV batteries". 《Argus Media》. https://www.argusmedia.com/en/news/1973537-hyundai-oci-partner-on-recycled-ev-batteries.
↑ "Hyundai Motor runs pilot project using old EV batteries". 《Korea JoongAng Daily》. https://koreajoongangdaily.joins.com/2021/01/10/business/industry/hyundai-motor-ess/20210110163500613.html.
↑ "Hyundai partners with Hanwha Q Cells to develop ESS based on spent EV batteries". 《Aju Business Daily》. https://www.ajudaily.com/view/20200601083623540.
↑ "Hyundai Motor, OCI launch pilot project to upcycle EV batteries to power solar farms". 《Pulse》. https://pulsenews.co.kr/view.php?year=2021&no=30340.

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[1] "Renault Samsung partners LG Chem for ESS development". 《The Korea Herald》. http://www.koreaherald.com/view.php?ud=20191031000682.

[2] "Hyundai, OCI partner on recycled EV batteries". 《Argus Media》. https://www.argusmedia.com/en/news/1973537-hyundai-oci-partner-on-recycled-ev-batteries.

[3] "Hyundai Motor runs pilot project using old EV batteries". 《Korea JoongAng Daily》. https://koreajoongangdaily.joins.com/2021/01/10/business/industry/hyundai-motor-ess/20210110163500613.html.

[4] "Hyundai partners with Hanwha Q Cells to develop ESS based on spent EV batteries". 《Aju Business Daily》. https://www.ajudaily.com/view/20200601083623540.

[5] "Hyundai Motor, OCI launch pilot project to upcycle EV batteries to power solar farms". 《Pulse》. https://pulsenews.co.kr/view.php?year=2021&no=30340.

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