South Korean automakers Hyundai Motor Company and Kia Motors Corporation, along with LG Chem on Tuesday announced a global competition to identify up to 10 electric vehicle and battery startups for potential investment and collaboration. New Energy Nexus, the international startup support organization, will manage and facilitate the competition -- 'EV & Battery Challenge (EVBC)' -- the companies said in a joint statement. The chosen startups will have the opportunity to work hand-in-hand with Hyundai, Kia, and LG Chem, to develop proof-of-concept projects while leveraging the sponsors' technical expertise, resources, and laboratories, they added.
"The global competition offers startups the opportunity to showcase their respective innovative technologies and unique business models. Through the EVBC, the three sponsors aim to identify and secure core technology capabilities that will bring more value to their customers," the statement said.
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