LG Chem said Thursday it will invest a total of $2 million in five startups based in the United States and United Kingdom as part of efforts to co-develop innovative battery technologies.
The South Korean battery manufacturer selected the five startups through the Battery Challenge hosted by the company Wednesday, which brought together global startups to pitch ideas for new battery technologies.
A startup official introduces the company's technologies at LG Science Park in Magok, Seoul on Wednesday. (LG Chem)
A total of 129 startups from 27 countries took part in the competition. It was the first such challenge event held in the battery industry.
The participating companies presented their battery technologies related to applications of big data, artificial intelligence and machine learning. They introduced innovative battery management systems, lithium metal batteries and technologies that could help improve battery manufacturing processes, according to the company.
“For the remaining 124 startups, the company will continue paying attention to their technologies and seek partnership when needed,” it said.
By Song Su-hyun (email@example.com