March 17, 2022 (press release) –
- Hosting First ‘Global Innovation Challenge'
■ Sustainable technology contest for innovative startups around the world
□ Submissions accepted at the contest homepage from Mar 16 to May 1
■ Inviting ideas in four sectors such as circular plastics, renewable hydrogen, carbon utilization, and sustainable battery materials
□ Practical support such as R&D and commercialization to be provided for selected companies
LG Chem will search out sustainable innovation technologies to procure future growth engines.
On the 16th, LG Chem announced that it will hold the ‘First Global Innovation Challenge (GIC)’ for startups all around the world.
GIC is a technology contest hosted by LG Chem for startups around the globe aimed at discovering outstanding innovative technologies.
With this GIC, LG Chem expanded its past open innovation involving industry-academic cooperation to global startups, and it plans to preemptive procure prospective future technologies and support its commercialization and quickly integrate it in actual businesses.
LG Chem will receive innovative technology ideas in a total of four sectors such as circular plastics, renewable hydrogen, carbon utilization, and sustainable battery materials from March 16 to May 1.
Any startup from around the world with innovative technology development ideas for sustainable next-generation can participate, and it is easy to apply by visiting the official homepage for the challenge (www.lgc-innovationchallenge.com).
The contest themes for each field are as follows. The themes for circular plastics are ▲biodegradable materials ▲recycled plastics ▲bio-materials, etc. for developing sustainable plastic that can protect the environment and society, and for constructing a resource circulation ecosystem.
The themes for renewable hydrogen are ▲green and blue hydrogen production ▲hydrogen utilization and application technologies, etc. for converting to the clean energy sector in order to respond to climate change.
The carbon utilization sector will invite ideas on ▲using carbon as resource and fuel, and its conversion process ▲developing new uses through carbon mineralization to reduce carbon emissions generated during industrial processes.
The sustainable battery materials sector will invite ideas for reducing carbon emissions in the value chain ranging from raw materials to battery production and its disposal through ▲waste battery recycling technologies ▲eco-friendly process technologies, etc.
LG Chem plans to organize an internal open innovation experts’ group in the US, Europe and Korea to focus on selecting startups that can create actual synergy with existing businesses while being in accordance to the company’s mid- to long-term strategies.
The final winners will be selected in June considering technological innovation, commercial possibility, etc. and plans are to discuss diverse cooperation systems such as joint research, share investments, etc. depending on future technology levels and the time for which commercialization is possible.
A spokesperson for LG Chem stated, “As the Global Innovation Challenge (GIC) is an open innovation targeting startups all around the world, it is meaningful in our quest to cooperate with promising companies to find innovation technologies with high possibility of commercialization and to develop future businesses.”
The speaker also added, “By combining the strengths of LG Chem with external technological capacities, we will achieve innovation that can impress and satisfy future customers.”
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