LG Chem, South Korea’s leading manufacturer of advanced lithium-ion batteries, runs its first open innovation contest ‘The Battery Challenge’ to support start-ups specializing in new battery technology to strengthen its competitiveness in the industry.
LG Chem is accepting applications until November 2nd. The fields of application are separated into four categories: ‘battery material’, ‘battery management and control’, ‘design, manufacturing and processing’ and ‘recycle and regeneration’. Start-ups can apply and receive detailed information through the official website. (https://batterychallenge.co/).
The company asks all participants to submit their technology descriptions and business plans, which will then be carefully analyzed and evaluated to pick the top eight. Applications are encouraged to focus on technology and innovation in the battery sector. The selected companies will then be invited to ‘Demo Day’ in Silicon Valley, USA, around February of next year to present their business plans.
The finalists will be selected through the holistic evaluation of each business plan and presentation, taking into account each start-up’s feasibility and marketability in the sector. LG Chem provides an opportunity to receive more than $1.9M in funding through a formal partnership agreement and will also continue to grow related technologies through joint research projects.
Strengthening technological competitiveness through open innovation.
LG Chem’s goal is to discover innovative technologies and enhance competitiveness through active open innovation.
In June of this year, the company hosted the ‘Global Innovation Contest (GIC)’ in an effort to promote technical cooperation between LG Chem and academia. Prominent universities and research institutes from around the world took part, particularly those working on innovative technologies in five promising business areas: energy, environment, functional materials, biotechnology and platform technology.
LG Chem’s ongoing effort to innovate is one of the many reasons why the company is now a leader in the battery industry. LG Chem has achieved numerous milestones since entering new business fields such as automobile batteries, ESS batteries and small batteries.
The automotive battery business has secured global customers with its advanced technology and has exceeded 60 trillion won (approx. $ 53.263 billion) in order backlog by the end of the first half of 2018.