Hyundai Mobis Co., an auto parts unit of South Korean conglomerate Hyundai Motor Group, developed two-way on-board charger for electric vehicles (EVs) that stores electricity as well as sends excess power back to grid, the company said on Wednesday.

Like any other EVs, the electric car equipped with two-way on-board charger recharges batteries through power outlets at home or public charging stations. But it stands apart from other EVs as it can transfer left-over electricity back to power grid, making it a ‘moving energy storage system’ as some calls it.

Hyundai Mobis claims its two-way on-board EV charger is first of its kind in Korea.

In general, daily driving hours average at 20 percent or about 5 hours a day and cars sit idle in parking lots for the remainder of the day. This suggests it is feasible to transfer excess electricity from EV batteries for other uses. According to the auto parts maker, electric power saved from four EVs with two-way on-board chargers can power 20 households.

Vehicle-to-grid (VSG) business, a system which EVs sells back reserved electricity back to power grid, is expected to land in Korea soon in the future if the country secures enough two-way EV charging stations and cars as well as prepares related pricing guideline.

Market experts estimate 100,000 VSG-fitted cars could secure 500-megawatt electric power, which is equivalent to power generated by one thermal power station.

Shares of Hyundai Mobis ended Wednesday at 247,000 won ($216.19), down 5,500 won or 2.18 percent from the previous day.

By Park Chang-young

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]