Lee Jai-seong HHI CEO

By Park Si-soo

Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder, is making headway to secure a stronger standing in the lucrative renewable energy industry.

The Seoul-based company said last week that it has succeeded in developing the world’s most-efficient solar power battery.

The announcement comes three weeks after it agreed with Magna E-Car, a global supplier of components and systems for hybrid and electric vehicles, on a joint venture to co-develop cutting-edge battery cell and battery pack technologies.

These are the latest achievements in HHI’s ambitious exploration into renewable energy, which started in 2005 amid a bright outlook for the industry. The demand for a high-efficiency solar power battery has continued to increase, market analysts said.

“The battery’s development has paved the way for us to preoccupy the next-generation solar power battery industry,” said Lee Choong-dong, chief operating officer of HHI’s green energy division. “We will keep intensifying our research and development capacities to become a market leader.”

The latest solar power battery has been acknowledge as the world’s most energy-efficient model (19.7 percent) by Germany-based independent Fraunhofer ISE CalLab under standard test conditions. Its efficiency rate was 0.1 percentage point higher than that of the runner-up model developed by Suntech, a China-based solar panel developer and the world’s largest producer of photovoltaics by volume.

HHI also looks set for a stronger presence in battery cell and pack technologies. Its recent agreement with Magna E-Car to form a joint venture, named MAHY E-CELL, is part of the project.

Under the agreement, HHI and Magna E-Car will jointly conduct engineering, design, development and testing activities with the goal of preliminary validation of battery cell and battery pack technologies for electric and hybrid electric vehicle applications. It will be 60 percent owned by Magna E-Car and 40 percent by HHI.

HHI expects the establishment of MAHY E-CELL to serve as a stepping stone to enter the energy storage system business.

“The establishment of MAHY E-CELL is a reflection of Hyundai Heavy’s determination to become a leading eco-friendly integrated energy company by advancing into Europe and North America’s electric car battery market,” Lee said. “We see solar energy, wind power, and energy storage systems as integral to our future growth.”