South Korea’s largest chemical manufacturer is keen to expand its existing open innovation by collaborating startups worldwide and scaling promising technologies for speedy commercialization. From March 16 to May 1, LG Chem will receive innovative technological ideas worldwide in a total of four fields — circular plastics, renewable hydrogen, carbon utilization, and sustainable battery materials.
The Hague, March 22. Collaborating with bold and innovative startup solutions is a key component of LG Chem’s vision to build a sustainable economy as a global industry-leading diversified chemical company. To facilitate this, they are committing 9 billion USD for collaboration with sustainable startups and launching the LG Chem Global Innovation Challenge.
For this, LG Chem is partnering with Unknown Group, a Hague-based Venture Capital, Business Development, and Open Innovation firm on the creation of the first-ever LG Chem Global Innovation Challenge.
The LG Chem Global Innovation Challenge is an opportunity for startups worldwide with a passion for innovation and the well-being of our planet, that are working on sustainable solutions in LG Chem’s challenge domains of Circular Plastics, Carbon Utilization, Renewable Hydrogen, and Sustainable Batteries. Successful PoCs have the potential for deeper collaboration with LG Chem’s designated departments in South Korea, the EU, and USA. Beyond this, winning solutions have the opportunity to earn:
– Various types of funding opportunities following LG Chem‘s recently announced plan to invest 9 billion USD in new growth areas including sustainability, battery materials, and drugs by 2025
– Admission and access to LG Chem’s global business network
– Collaboration opportunities with a variety of experts towards commercialization
Seungsuk Yoo, LG Chem’s Head of Open Innovation department said: “I expect this program is not only an extraordinary chance for bold entrepreneurs around the world, but also for us since we can showcase the vision and commitment about sustainability and various innovation approaches”.
Jurgen Nieuwenhuijsen, COO at Unknown Group said: “We identify with LG Chem’s mission of connecting science to life for a better future and are eager to identify, bring forward and ignite collaborations between them and unconventional solutions and driven founders from all corners of the world”.
By identifying and collaborating with the most game-changing players with disruptive technologies from around the world, LG Chem expands its impact, whilst finding new directions, industries, business models, and ideas.
Applications for the LG Chem Global Innovation Challenge are open till 1 May 2022. To send in your application, visit: https://www.lgc-innovationchallenge.com
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About LG Chem and the LG Chem Global Innovation Challenge
LG Chem is a leading global chemical company with a diversified business portfolio in the key areas of petrochemicals, advanced materials, and life sciences. The company manufactures a wide range of products from high-value added petrochemicals to renewable plastics, and also specializes in cutting-edge electronic and battery materials, as well as drugs and vaccines to deliver differentiated solutions for its customers.
LG Chem is committed to reaching carbon-neutral growth by 2030 and net-zero emissions by 2050 by managing the impacts of climate change and making positive contributions to society through renewable energy and responsible supply chains. Headquartered in Seoul, Korea, LG Chem has multiple operation sites worldwide and has generated KRW 42.7 trillion (USD 37.3 billion) in sales in 2021. For more information, please visit www.lgchem.com