Startups Bring New and Exciting Insight to LG Chem's Battery Business
LG Chem hosted 'The Battery Challenge Pitch Day' at LG Magok Science Park on April 10, where they announced the competition's five winners. The industry's first exclusive global battery competition for startups received 129 applications from 27 countries between August and November 2018.
Held in South Korea, the home of LG Chem, the competition invited several startups who impressed during a comprehensive screening process. Each team presented their tech proposals and in-depth business plans and through holistic evaluations, LG Chem selected 5 outstanding finalists based on their technology's innovativeness and feasibility for commercialization. Winners will be given the opportunity to nurture their next-level technologies via joint research projects alongside LG Chem and will receive up to $2M in funding through a formal partnership agreement with the company.
Visiting teams put forward their ideas for next-generation technology, which included improved lithium metal battery solutions, unique ways to increase battery performance via BMS (Battery Management System), and alternative routes to enhance processing and quality. Some teams presented their ideas based on 4th revolution innovations such as big data, artificial intelligence, machine learning, etc., with many proposals catching the judges' attention. As for the 124 startups missing out on a Top 5 spot, LG Chem plans to keep them as candidates while continuing to work closely and offer support in terms of technological evaluation and future investment.
"Because of the exponential development of the battery sector, continuing to seek out new technology initiatives is crucial to our success," said Myung Hwan Kim, president of LG Chem. "We will keep expanding our efforts to strengthen the competitiveness of our battery technology through activities inspired by the company's open innovation policy."
LG Chem has been actively promoting the company's open innovation strategy to secure cutting-edge battery technology. In 2017, LG Chem hosted the 'Battery Innovation Contest (BIC),' which in the following year was expanded and renamed the 'Global Innovation Contest (GIC)' to strengthen its influence across the world. This worldwide initiative encourages the submission of innovative proposals across five business fields - energy, environment, functional materials, bio and platform technology - to assist research and academic institutions the world over. LG Chem is intensifying its cooperation in the battery field by working closely with prestigious universities and has committed to investing in promising start-ups in their early stages.