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OCI Solar Power, CPS Energy, And Hyundai Motor Group Agree To Enter Negotiations To Test An Innovative Way To Store Energy

SAN ANTONIO, Sept. 14, 2021 /PRNewswire/ --A 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, signed a Memorandum of Understanding (MOU) to test recycled electric vehicle (EV) batteries for solar energy storage
OCI Solar Power, CPS Energy, And Hyundai Motor Group Agree To Enter Negotiations To Test An Innovative Way To Store Energy
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. All will share data from the project.After 7-10 years, a lithium-ion battery used in an EV may no longer be as efficient as needed for that use. However, that same battery may be recycled in an energy storage application and provide valuable energy storage. This partnership is a major step in testing this technology."Nearly 10 years after we began developing solar and storage solutions in Texas, we are stepping up our green-energy game. This new collaboration among Hyundai Motor Group, CPS Energy, and OCI Solar Power, will make us one of the first to study the performance and cost benefits of redeploying EV batteries," said Charles Kim, CEO & President of OCI Solar Power. "We're proud to have South Korea-based Hyundai Motor Group choose CPS Energy and San Antonio for this project."
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