LG Energy selects 10 promising global startups in battery area

South Korea's battery maker LG Energy Solution Ltd. announced on Tuesday that it will strengthen collaboration with global startups with high growth potential in the next-generation battery market.

Through the LGES Battery Challenge, LG Energy Solution has selected 10 global startups in the battery materials, cells, packs, and battery management system (BMS) fields for business collaboration and technical support.

The LGES Battery Challenge is now in its third year. It is LG Energy Solution's flagship open innovation program that discovers and supports domestic and international startups with innovative technological capabilities and business models. This year, a total of 117 startups from 23 countries worldwide participated in the event.

After a rigorous evaluation process, including business plan verification and in-depth interviews conducted over the past nine months since the application deadline in September last year, the final selection resulted in 10 companies.

The selected startups will receive prize money and gain comprehensive business collaboration opportunities with LG Energy Solution and financial support for proof of concept in their new business plans.

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

Write to Nan-Sae Bin at binthere@hankyung.com