Hyundai Heavy & Magna E-Car Systems to Develop Lithium-ion Battery

ULSAN, Korea and AURORA, ON, April 4, 2012 /CNW/ - Hyundai Heavy Industries (HHI), the world's largest shipbuilder and a leading green energy company, and Magna E-Car Systems (Magna E-Car), a global supplier of components and systems for hybrid and electric vehicles, today agreed to form a joint venture named MAHY E-CELL as a platform to co-develop and grow a successful battery cell and battery pack business. The signing ceremony was held at HHI's Seoul Office on April 2.

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. The joint venture will be owned 60% by Magna E-Car and 40% by HHI.

HHI expects the establishment of MAHY E-CELL to serve as a stepping stone to enter the Energy Storage System business and plans to link its solar and wind power business with ESS as a new growth engine.

Mr. Lee Choong-dong, COO of HHI's Green Energy Division said, "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 batteries market and ESS business. We see solar energy, wind power, and energy storage systems as integral to our future growth."

Mr. Frank Stronach, Founder and Chairman of Magna E-Car stated, "We are pleased to move forward together as partners with HHI to advance next generation cell and battery pack technology to support the growth of the electric and hybrid electric vehicle markets."

About Hyundai Heavy
HHI is a leader in green energy solutions, and an integrated heavy industries company with business divisions specializing in shipbuilding, marine engines and machinery, offshore and engineering, industrial plant and engineering, electro electric systems, green energy, and construction equipment.

About Magna E-Car Systems
Magna E-Car (www.magnaecar.com), a partnership between Magna International Inc. (www.magna.com) and The Stronach Group, is a global supplier of components and systems for hybrid and electric vehicles. Magna E-Car capabilities include design and engineering, manufacturing, vehicle integration and testing. With a focus on innovation, Magna E-Car offers a wide array of products including lithium-ion cells and battery packs, electric drive motors and generators, inverters, converters, onboard chargers, and powertrain control modules.

John Simonetti
Magna E-Car Systems
[phone]
[email protected]