Hyundai Motor to power US EV plant with renewable energy
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Hyundai Motor Group has inked a 147-megawatt power purchase agreement with Matrix Renewables, a Spanish renewable energy company, to power its electric vehicle plant currently under construction in the state of Georgia, the Korean auto conglomerate said Monday.
According to Hyundai Motor, the deal marked the largest single PPA signed by a Korean company in the US.
The conglomerate’s four companies -- Hyundai Motor Group Metaplant America, the auto giant’s EV plant, Hyundai Mobis North America electric, Hyundai Steel Georgia and Hyundai Transys Georgia Powertrain -- joined hands for the contract.
“Through (this deal), HMGMA has set up a renewable energy system for not only its auto plant but also its supply chains,” said Hyundai Motor Group.
“It’s very meaningful that the deal signifies Hyundai Motor Group’s pan-conglomerate step to secure renewable energy.”
The automaker added that the purchasing cost for the renewable energy was saved as the conglomerate’s overseas offices pushed for a joint purchase agreement instead of pursuing a deal individually.
The North American offices of Hyundai Mobis, Hyundai Steel and Hyundai Transys will utilize the secured solar power to supply automation parts, EV steel sheets and seats to HMGMA.
Hyundai Motor underlined that as this PPA will deliver power from a new solar power plant instead of signing a contract with existing renewable energy plants, it will have better impacts on reducing global carbon emissions.
According to the automaker, the solar power supply is expected to decrease carbon emissions by 140,000 tons per year, which is equal to absorbing the carbon emissions produced by about 84,000 mid-sized sedans annually.
Matrix Renewables is constructing a 210-megawatt solar power plant named Stillhouse Solar in Bell County, Texas with the goal to start operating in October 2025.
Having secured about 70 percent of the generation capacity, Hyundai Motor will obtain about 378 gigawatt-hours per year, which is enough to power approximately 100,000 households for a year.
“Beginning with the PPA of this solar power project, we will conduct investments and deals to turn Hyundai Motor Group’s US footholds into using renewable energy,” said a Hyundai Motor Group official.
“We will continue to push for cooperation between the (conglomerate’s) companies to secure renewable energy efficiently.”
Meanwhile, Hyundai Motor’s EV-dedicated plant in Georgia’s Bryan County is expected to begin operations in October this year, three months ahead of its initial planned timeline.
By Kan Hyeong-woo(hwkan@heraldcorp.com)
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