Hyundai Heavy Industries, the world's largest shipbuilder, said Tuesday it would set up a joint venture with a Canadian firm to develop battery technology for electric and hybrid vehicles, AFP reports.
A deal was signed Monday in Seoul between Hyundai Heavy and Magna E-Cara, a supplier of components and systems for hybrid and electric vehicles, to develop lithium-ion battery technologies, the shipyard said in a statement.
South Korea is trying to nurture rechargeable batteries as new growth engines for its economy.
The joint venture will be owned 60 percent by Magna E-Car and 40 percent by Hyundai Heavy.
"We are pleased to move forward together as partners with (Hyundai Heavy) to advance next-generation cell and battery pack technology to support the growth of the electric and hybrid electric vehicle markets," Magna E-Car chairman Frank Stronach said in the statement.
The shipyard said the joint venture reflects its determination to become "a leading eco-friendly integrated energy company."
A deal was signed Monday in Seoul between Hyundai Heavy and Magna E-Cara, a supplier of components and systems for hybrid and electric vehicles, to develop lithium-ion battery technologies, the shipyard said in a statement.
South Korea is trying to nurture rechargeable batteries as new growth engines for its economy.
The joint venture will be owned 60 percent by Magna E-Car and 40 percent by Hyundai Heavy.
"We are pleased to move forward together as partners with (Hyundai Heavy) to advance next-generation cell and battery pack technology to support the growth of the electric and hybrid electric vehicle markets," Magna E-Car chairman Frank Stronach said in the statement.
The shipyard said the joint venture reflects its determination to become "a leading eco-friendly integrated energy company."