SEOUL -- South Korea's Hyundai auto group announced a strategic partnership with Wärtsilä of Finland Tuesday to accelerate the development and commercialization of a new energy storage system (ESS) that recycles electric car batteries.
The two companies will jointly promote the development of ESS products while Hyundai will collect electric car batteries and convert them into ESS. Wärtsilä manufactures and services power sources and other equipment in the marine and energy markets.
The partnership is part of Hyundai's efforts to diversify its business from auto-making to new growth engines such as ESS, which has emerged as an effective means to establish stable and efficient systems for power demand and supply.
Energy storage demand is growing thanks to the global transition from carbon-intensive energy sources to natural gas and renewable source solutions. Last year, Wärtsilä acquired Greensmith Energy, a leading U.S. energy storage software and integration service provider, to bolster its position in the energy storage market.
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