LG Chem is hosting 'The Battery Challenge'
LG Chem, a South Korean manufacturer of advanced lithium-ion batteries, is running its first open innovation contest, “The Battery Challenge,” to support startups specializing in new battery technology.
LG Chem is accepting applications until November 2. The fields of application are separated into four categories: battery material; battery management and control; design, manufacturing, and processing; and recycle and regeneration. Startups 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 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, California, 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, considering each startup's feasibility and marketability in the sector. LG Chem says it is providing 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.
LG Chem's battery manufacturing method, Lamination & Stacking technology, stacks electrodes and separator layers. This method reportedly increases energy density by maximizing the internal space efficiency of electric vehicles and other applications.
LG Chem says it plans to focus on R&D investment in the field of innovative batteries, which can far exceed the limits of conventional batteries, for applications including high-capacity electric cars. The company also plans to continue strengthening its R&D in areas such as innovative batteries through the active search and support for inspiring start-ups with innovative battery technologies.