LG Chem, South Korea’s leading manufacturer of advanced lithium-ion batteries, is hosting its first open innovation contest—The Battery Challenge—to support start-ups specializing in new battery technology to strengthen its competitiveness in the industry. LG Chem will offer more than $1.9 million in funding to 8 selected start-up companies.

The finalists will enter partnership with LG Chem to develop joint technology and have access to commercialization opportunities in the future.

LG Chem is accepting applications until 2 November. The fields of application are separated into four categories: battery material, battery management and control, design, manufacturing and processing and recycle and regeneration. Start-ups can apply and receive detailed information through the official website.

The company asks all participants to submit their technology descriptions and business plans, which will then be carefully analyzed and evaluated to pick the top eight. Applications are encouraged to focus on technology and innovation in the battery sector.

The selected companies will then be invited to Demo Day in Silicon Valley around February of next year to present their business plans.

The finalists will be selected through the holistic evaluation of each business plan and presentation, taking into account each start-up’s feasibility and marketability in the sector.

LG Chem’s goal is to discover innovative technologies and enhance competitiveness through active open innovation.

In June of this year, the company hosted the Global Innovation Contest (GIC) in an effort to promote technical cooperation between LG Chem and academia. Universities and research institutes from around the world took part, particularly those working on innovative technologies in five promising business areas: energy, environment, functional materials, biotechnology and platform technology.

LG Chem’s automotive battery business has exceeded 60 trillion won (approx. $53.263 billion) in order backlog by the end of the first half of 2018.

LG Chem plans to focus on R&D investment in the field of innovative batteries, which can far exceed the limits of conventional batteries, such as investment in high capacity electric cars, small batteries and high power ESS batteries with low cobalt content.

Furthermore, the company will continue to strengthen its R&D in various areas, such as innovative batteries, through the active search and support for inspiring start-ups with innovative battery technologies.