LG Energy Solution to Support 10 Battery Startups

By Jasmine Choi, BusinessKorea - LG Energy Solution announced on June 20 that it will select and support 10 global startups with innovative technologies and business ideas in battery materials, cells, packs, battery management systems (BMS), and smart factories through the “LGES Battery Challenge.”

This event, marking its third occurrence this year, is a flagship “open innovation” program by LG Energy Solution, designed to identify and support startups domestically and internationally with distinctive technology and business models in the battery sector.

A total of 117 startups from 23 countries worldwide applied for this event. After the application deadline in September last year, they were finally selected over a period of nine months through various evaluations including business plan verification and in-depth interviews.

Startups from various countries including South Korea, the United States, Germany, and the United Kingdom have been named in the final selection. The scale of the companies varies from several billion to several hundred billion won.

This year, the support has significantly increased not only for battery manufacturing technology but also for AI and digital transformation-based technologies, Battery-as-a-Service (BaaS), power trading platforms, and other new business areas centered on batteries.

The selected startups will be awarded a cash prize as well as an opportunity for comprehensive cooperation with LG Energy Solution. They will also receive funding for the validation of new business plans.

LG Energy Solution plans to consider equity investments in these companies, which possess innovative ideas and high growth potential, and further strengthen its research and development capabilities through intellectual property sharing, including patents for next-generation battery technologies.

Source: http://www.businesskorea.co.kr/news/articleView.html?idxno=116854 

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