Solar Panel Recycling JV to Launch; Robotics Collaborations and Investments Under Review
The trading company Hyundai Corporation has begun turning its long-held vision into reality. With the acquisition of the automotive parts manufacturer ‘Sigma,’ a structural transition into the manufacturing sector has officially commenced. Hyundai Corporation emphasizes that this is only the beginning. Let’s take a closer look at the future designed by Hyundai Corporation as it seeks to transcend the traditional boundaries of a general trading company.
Hyundai Corporation is picking up pace in expanding its new business portfolio centered on eco-friendly and advanced manufacturing. The company appears to have designated the waste resource recycling sector as a prime candidate for its future growth engine. Most recently, it solidified its ESG-related initiatives by partnering with a German solar panel recycling startup to establish a joint venture.
Robotics is also being highlighted as a sector with a high probability of new entry. Following the news that Sigma—the recently acquired automotive parts manufacturer—possesses core component technologies for collaborative robots, market analysts suggest that Hyundai Corporation may attempt to enter the field by acquiring additional related companies.
■ Targeting the Solar Waste Panel Market: Establishment of a JV with a Solar Recycling Company
In April, Hyundai Corporation established a joint venture named ‘Hyundai ReEarth‘ in partnership with Flaxres, a German solar recycling firm. The name ‘ReEarth’ combines ‘Re’ (meaning to return or restore) and ‘Earth,’ emphasizing its identity as a recycling-focused company.
Flaxres is a startup specializing in solar panel recycling, possessing proprietary technology that separates glass, silicon, and metals without the use of chemicals. Last year, Hyundai Corporation acquired a partial stake in Flaxres. According to the 2024 business report, this equity investment was valued at approximately 8.5 billion KRW.
Hyundai Corporation has shown consistent interest in this field since adding “eco-friendly recycling businesses utilizing waste resources and related activities” to its articles of incorporation in March 2022. In May of the same year, the company entered the eco-friendly recycling market through an indirect investment in ‘KC Holdings,’ a firm specializing in the recycling of waste shells and sludge.
The following year, in December 2023, Hyundai Corporation invested 3 billion KRW in ‘RECO,’ a startup focused on waste recycling, including waste plastics. At the time, RECO was seeking to expand into the Indonesian market. In relation to this, Hyundai Corporation stated that it is considering further expansion into recycling-related businesses by leveraging its relevant internal departments for future growth.
Changes in Business Objectives of Hyundai Corporation
| Category | Effective Date | Business Objectives | |
|---|---|---|---|
| Change | Details | ||
| Addition | March 24, 2021 | – | 88) Manufacturing and sales of automobiles and auto parts 89) Manufacturing and sales of electric vehicle (EV) part 90) Manufacturing and sales of eco-friendly and composite materials 91) Construction of energy infrastructure (hydrogen, etc.) and related businesses |
| Addition | March 30, 2022 | – | 92) Eco-friendly recycling businesses utilizing waste resources 93) Investment in advanced technology businesses and venture capitals, and related |
| Addition | March 29, 2023 | – | 94) Manufacturing, sales, and related component businesses for industrial and logistics robotics |
Hyundai ReEarth is the result of Hyundai Corporation taking its commitment a step further this year, moving beyond equity investment to the establishment of a joint venture. Utilizing Flaxres’ solar panel recycling technology, Hyundai Corporation plans to make a full-scale entry into the solar waste panel markets in Japan, Australia, and the United States.
An industry insider remarked, “Hyundai Corporation is exploring new business opportunities across various sectors, but the ESG field, in particular, holds high strategic value as it aligns with government regulations and global trends.” They added, “If the investment performance is proven, the company may consider transitioning from simple investment to potential acquisitions.”
■ From Automotive Parts to Robotics: Sigma’s Core Tech in Collaborative Robots
The industrial and logistics robotics sector is also among the top priorities in Hyundai
Corporation’s new business roadmap. Although it lacks a direct link to the company’s traditional trading and manufacturing base, the strategy is to secure a new growth engine by preemptively entering the high-growth robotics industry.
Hyundai Corporation is currently reviewing potential collaborative investments with promising domestic robot developers, manufacturers, and distributors. According to its 2024 business report, the company is searching for target firms and monitoring market trends through its relevant sales divisions, while simultaneously exploring opportunities for joint global projects in North America and Europe.
Quite recently, in 2023, “manufacturing, sales, and related component businesses for industrial and logistics robotics” was newly added to the company’s articles of incorporation. This move is interpreted as an expansion into related industries following its entry into automotive parts manufacturing. Notably, automotive component technology shares significant technical commonalities with robotics components.
The acquisition of the automotive parts manufacturer Sigma is also being interpreted as a strategic move aimed at entering the robotics business. Sigma is currently developing core components and equipment for the collaborative robot market, most notably “grippers.” As the “hands” of a robot, grippers play a pivotal role in the functionality of collaborative robots.
Sigma has already announced the registration of a domestic patent for Korea’s first three-fingered robotic gripper with rotational capabilities. Rotational grippers are classified as high-level technology due to their ability to adapt flexibly to diverse working environments. The company is also reportedly in the process of applying for a patent for a four-fingered (4-Fingers) gripper.
A Hyundai Corporation official stated, “If a new M&A proceeds, the target could be another automotive parts company like Sigma, or it could be a business in a completely unrelated field.”
August 4, 2025
The Bell