South Korea’s Hyundai Motor Group has announced the successful spin-off of three internal startups, marking a significant step in its pursuit of innovation that transcends the traditional automotive sector.
The startups – PIT IN, MADDE, and EVA CYCLE – have now transitioned into independent entities after a remarkable journey of technology development and commercialization spanning just nine months. Hyundai Motor Group’s proprietary startup incubation initiative, the ZERO1NE Company Builder, played a pivotal role in nurturing these enterprises to maturity.
PIT IN, the brainchild of this program, presents a unique offering in the form of commercial electric vehicles, including taxis, powered by rejuvenated batteries, all provided through a subscription model. Meanwhile, MADDE focuses on producing silicon carbide components utilizing cutting-edge 3D printing techniques, catering to the demands of chip manufacturers and aerospace firms. EVA CYCLE, the third standout startup, boasts an innovative technology for extracting valuable metals like lithium, nickel, and cobalt from discarded batteries.
See also: Hyundai’s Three-Row IONIQ 7 Electric SUV Spotted and Size-Compared with Kia’s EV9
With their newfound autonomy, these startups are poised to enhance their competitiveness. PIT IN is set to broaden its services to encompass commercial battery insurance and fast-charging solutions. MADDE is embarking on a journey into the realm of small reactor technology, while EVA CYCLE strives to drastically reduce black powder extraction costs, aiming for a more than 50% reduction compared to conventional methods.
This latest development adds to Hyundai Motor Group’s history of nurturing in-house ventures, with an impressive tally of 33 spin-offs since the year 2000. Building upon this legacy, the Group has fostered a total of 76 internal startups through the ZERO1NE Company Builder initiative.
The inception of Hyundai Motor Group’s startup journey traces back to the year 2000 with the launch of its internal startup incubation program, later rebranded as ZERO1NE Company Builder in 2021. This evolution was designed to stimulate innovation across various sectors and encourage developers to push the boundaries of possibility.
Upon selection as an in-house startup, these ventures receive up to 300 million Korean won (approximately $226,929) in development funds from Hyundai. This financial support is coupled with a year-long period to develop and commercialize their technology or service. This period culminates in a crucial decision-making phase for Hyundai, where the viability of granting independence to the startups is determined.
Understanding the value of job security, Hyundai extends a support mechanism to developers who embark on the path of in-house venture creation. Developers of these carved-out startups are granted the option to rejoin the automotive conglomerate within three years of their separation.
The ZERO1NE Company Builder stands as an integral component of Hyundai Motor Group’s open innovation initiative, the ZERO1NE Creative Talent Platform, which was showcased at the renowned 2023 Consumer Electronics Show (CES) held in Las Vegas earlier this year.
See also: Hyundai Mobis Secures Significant Order from Volkswagen for Battery System Assembly
Guided by the visionary leadership of Chairman Chung Euisun, Hyundai Motor Group aspires to tap into diverse and innovative ideas from creators beyond the confines of its industry. The ZERO1NE platform represents the conduit for this aspiration, enabling the company to connect with novel perspectives and groundbreaking concepts.
Under this overarching program, Hyundai also administers the ZERO1NE Accelerator, an external startup acceleration initiative, and the ZERO1NE Playground, a creative haven for artists, designers, architects, entrepreneurs, and scientists alike. This comprehensive ecosystem reinforces Hyundai Motor Group’s commitment to propelling innovation and cultivating collaboration across domains.
