Hyundai
$HYUD (+0%)
$005380 and Indian universities want to jointly develop battery and automation technologies develop

Hyundai Motor Co. and Kia Corp. have signed a memorandum of understanding with the Indian Institutes of Technology (IIT) to establish the Hyundai Center of Excellence.

The IITs are a network of 23 engineering and technology institutes in India. Established in 1950, they are under the Ministry of Education, Government of India and governed by the Institutes of Technology Act, 1961.

The three universities involved in the collaboration are IIT Delhi, IIT Bombay and IIT Madras.

Hyundai Motor and Kia will set up an innovation center with these universities to jointly research batteries and electrification.

The two companies plan to invest around 10 billion won (US$7.13 million) over a five-year period starting in 2025.

They will also expand their collaboration to include software and hydrogen fuel cells.

The Hyundai Innovation Center is a model of collaboration between industry and academia specifically tailored to India. It is based on Centers of Excellence (CoEs), dedicated research labs at IIT sponsored by companies and alumni. There are currently 22 CoEs at IIT Delhi.

The two companies will also work closely with India's only electric vehicle research center, CART, located at IIT Delhi.

This will help build an electric vehicle ecosystem in India that is in line with India's electric vehicle adoption policy.