LG Energy Solution Supports 10 Battery Startups... Considering Equity Investment

117 Startups from 23 Countries Including the US, Germany, and the UK Participate

LG Energy Solution announced on the 20th that it has selected 10 startups through the open innovation program 'LGES Battery Challenge,' which discovers and supports promising domestic and international startups in the battery field. Now in its third year, this event is a program where LG Energy Solution collaborates with startups for business cooperation and technical support.

This year, 117 startups from 23 countries applied. After the application deadline in September last year, LG Energy Solution conducted a rigorous evaluation over nine months, including business plan verification and in-depth interviews, to finally select 10 companies. Many startups applied in new battery-centered fields such as battery manufacturing technology, artificial intelligence (AI) and digital transformation (DX)-based technologies, Battery as a Service (BaaS), and power trading platforms. Among them, startups with innovative technologies and business ideas in battery materials and cells, packs, Battery Management Systems (BMS), and smart factories were selected. These are newly established companies founded in countries around the world, including Korea, the United States, Germany, and the United Kingdom. Their company sizes also vary widely, ranging from several billion to several hundred billion Korean won.

Vice Chairman Kwon Young-soo of LG Energy Solution and employees [Photo by LG Energy Solution]

The selected startups will receive prize money and gain opportunities to collaborate extensively with LG Energy Solution. They will also receive support for costs necessary to validate new business plans (Proof of Concept, PoC). LG Energy Solution plans to consider equity investments in these companies with innovative ideas and high growth potential, and further strengthen its research and development (R&D) capabilities by sharing intellectual property rights such as patents for next-generation battery innovation technologies in the future.

Bang Seong-rok, Research Fellow of the Open Innovation Team at LG Energy Solution, said, “Through active open innovation activities, we will strengthen our overwhelming battery technology competitiveness and maximize customer value.”

This content was produced with the assistance of AI translation services.