LG Energy Solution to Host 'Battery Challenge 2024' to Foster Startups with Promising Next-Generation Technologies

• LG Energy Solution seeks to partner with promising startups around the globe by proactively discovering and acknowledging them in their early stages of development
• Along with the prize money of up to $30,000, selected companies will be considered for future investment and technological collaboration opportunities
• Applications accepted through June 30 on the official contest website
• 'New to LG' and 'Metal Sourcing' categories established to encourage collaborative ideas on supply chain management and new business areas

SEOUL, South Korea, June 4, 2024 /PRNewswire/ -- LG Energy Solution announced that applications for Battery Challenge 2024, its biennial international startup competition, is now open.

Now in its fourth year, the Battery Challenge is LG Energy Solution's mainstay open innovation initiative, designed to discover and collaborate with battery startups with innovative technologies and business models. While helping the growth of the distinguished companies, LG Energy Solution also aims to pioneer next-generation technologies through partnerships and cement its leader position in the battery sector.

Applications for this year's program will be accepted on the official website (https://lgesbatterychallenge2024.com) from June 4 to June 30.

Participants can submit their proposals across eight categories: Battery Management System; Battery Maintenance; Battery Recycling and Reuse Technology; Battery Manufacturing and Quality Control; Battery Materials; Smart Factory Solutions; Metal Sourcing; and New to LG.

Two new categories, Metal Sourcing and New to LG, have been established in this year's competition. In particular, New to LG is a sector to encourage participants to explore various novel energy related ideas, not necessarily linked to LG Energy Solution's existing business areas, as the company accelerates its search for future business opportunities and growth engines in the clean energy sector.

The winners, which will be selected through comprehensive business plan evaluations, in-depth interviews, and technology verification, will receive up to $30,000, up $10,000 from the previous program. Awardees will also be reviewed by LG Energy Solution for potential investment and technological collaboration.

"As part of our open innovation efforts, the Battery Challenge aims to proactively discover promising startups and seek future growth opportunities." said Jay Kim, CTO of LG Energy Solution. "LG Energy Solution will continue to expand our collaboration with various partners to establish a global innovation ecosystem and contribute to the persistent growth of the industry."

About LG Energy Solution

LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.

SOURCE LG Energy Solution