LG Chem will launch a program to discover promising start-ups in the electric vehicle and battery field in cooperation with Hyundai and Kia Motors. Its purpose is to seek opportunities for strategic cooperation by expanding exchanges with global startup ecosystems and to secure capabilities for future core technologies that innovate customer values.
Hyundai and Kia announced on June 18 that they will hold a startup contest named EV & Battery Challenge. The contest will be aimed at domestic and foreign startups that have differentiated innovative technologies and business models in the electric vehicle and battery sectors.
Start-ups that want to participate can apply through their dedicated application website from June 22 to Aug. 28.
The applications will be divided into seven categories, including next-generation battery materials for increased EV mileage and safety, reuse and recycling technologies such as used batteries to reduce battery cost, control and maintenance for increased battery efficiency, process technology for improving battery productivity and quality control, and electric vehicle charging and energy management.
Start-up companies that have passed evaluation such as business feasibility and technical skills in the first written review will conduct face-to-face screening using video conference in October.
The finally selected startup will attend a workshop at the Silicon Valley office of Hyundai CRADLE, Hyundai Motor Group's U.S. open innovation hub, in November and continue discussions on how to shape mutual cooperation.
Hyundai, Kia and LG Chem will push for technology verification with related divisions of each company for the finally selected start-ups and review their strategic investments. Through this program, it is expected to be able to discover next-generation battery technologies that will lead to future innovation and further strengthen its capabilities in developing electric vehicle systems and services.
Start-ups will also have the opportunity to collaborate with Hyundai, Kia and LG Chem, global leaders in electric vehicles and batteries, paving the way for them to become key players in the field.
"Hyundai and Kia are expanding cooperation with startups with high potential for future growth with innovative ideas," said Ji Young-jo, CEO of Hyundai Motor Group. "We look forward to cooperative partnerships with various startups that will lead the global electric vehicle market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology."
Meanwhile, Kim Myung-hwan, CPO and president of the battery research center at LG Chem's battery business division, said, "LG Chem is making efforts to continuously secure leadership in new technologies in the battery sector through active open innovation activities. We will strengthen our competitiveness in electric vehicles by actively fostering potential start-ups with Hyundai and Kia."
