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LG Chem Hosts "The Battery Challenge" -Cars Automobiles

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LG Chem announced a new initiative – The battery challenge – in the form of an open innovation competition for start-ups with new battery technologies.

The South Korean company offers more than $ 1.9 million to 8 selected start-up companies (applications will be accepted until November 2) and the opportunity to work with LG Chem on collaborative technology development, access to marketing opportunities, and more.

LG Chem announced that the car battery business has been surpassed 60 trillion won (Ca. $ 53.263 billion) in the order backlog End of the first half of the year 2018, which sounds like Hundreds of GWh,

LG Chem, South Korea's leading manufacturer of advanced lithium-ion batteries, is launching its first open innovation competition "The Battery Challenge" to help start-ups specializing in new battery technologies to enhance their industry competitiveness strengthen.

LG Chem will accept applications by 2 November. The application areas are divided into four categories: "battery material", "battery management and control", "design, manufacture and processing" and "recycling and regeneration". Start-ups can apply via the official website and get detailed information. (Https://batterychallenge.co/).

The company asks all participants to submit their technology descriptions and business plans, which are then carefully analyzed and evaluated to select the best 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, next February to present their business plans.

The finalists will be selected on the basis of a holistic assessment of each business plan and presentation, taking into account the feasibility and marketability of each company in that sector. LG Chem will be able to receive more than $ 1.9 million through a formal partnership agreement and will continue to develop related technologies through joint research projects.

Strengthening technological competitiveness through open innovation.

The aim of LG Chem is to discover innovative technologies and increase competitiveness through active open innovation.

In June of this year, the company hosted the "Global Innovation Contest (GIC)" to promote technical collaboration between LG Chem and the academic world. Prominent universities and research institutes from around the world participated, especially those working on innovative technologies in five promising business areas: energy, environment, functional materials, biotechnology and platform technology.

LG Chem's ongoing innovation efforts are one of the many reasons why the company is today a leader in the battery industry. LG Chem has achieved numerous milestones since entering new business areas such as car batteries, ESS batteries and small batteries.

The car battery business, with its advanced technology, has gained global customers and exceeded orders on hand of $ 60 trillion (approximately $ 53.263 billion) by the end of the first half of 2018.

In addition to winning the "ees Award" at one of the world's largest ESS fairs "ees Europe", 2016 & 2017, LG Chem 2017 also won the America's Brad Roberts Award. This is awarded by the Energy Storage Association (ESA) to honor the largest contributions to the development of the North American ESS industry each year. LG's LG ESS battery is widely recognized in the industry as a leading innovative technology.

In addition, LG Chem has seen significant growth in several business areas in recent years, including IT, where the introduction of low-battery batteries for notebooks in the small battery segment has been a great success. In the battery business, the company has achieved excellent results thanks to its premium battery technology.

LG Chem's Lamination & Stacking battery manufacturing method stacks electrodes and separator layers. This method increases energy density by maximizing the internal space efficiency of electric vehicles, ESS, smartphones and so on. In March of this year, LG Chem received the LG Research & Development Prize for "Free Form Battery", which uses this technology to realize the maximum capacity in the limited space in the smartphone.

LG Chem plans to focus on R & D investments in innovative batteries that can far exceed the limits of conventional batteries, such as investment in high-performance cars, small batteries and high-performance low-cobalt ESS batteries.

In addition, the company will continue its research and development activities in various areas, such as: Innovative batteries, by actively seeking and supporting inspiring start-ups with innovative battery technologies.

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