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Ten Finalists Selected for LG Energy Solution’s Start-Up Competition for Future Battery Technologies

  • A successful close to the year-long “LGES Battery Challenge 2022,” with 117 start-ups from 23 countries participating
  • Finalists to receive prize money, have the opportunity to collaborate with LGES, and may be considered for future investment opportunities
  • LGES to continue on with a variety of open innovation programs to secure leadership in future battery technologies

SEOUL, June 20, 2023 – LG Energy Solution (LGES; KRX: 373220) today announced its
“LGES Battery Challenge 2022,” a battery start-up competition geared toward open
innovation, has come to a successful close. The competition is an integral part of the
company’s endeavors to pioneer future battery technologies.

Last October, at the start of the competition, 117 start-ups from 23 countries, including the
United States, South Korea, Canada, United Kingdom, Germany, and India, submitted their
applications. The proposals came from various fields, such as next-generation battery
materials, battery management systems (BMS), battery recycling and reuse, battery
maintenance, and smart factory technologies.

Through meticulous evaluation process, LGES has chosen ten finalists with proposals to
advance technologies in battery materials, battery cells and packs, and BMS. The finalists
will be entitled to cash rewards, potential opportunities to collaborate with LGES on a proof-of-concept pilot project, and further investment opportunities.

This marks the third time LGES hosting the competition, and while the majority of the
proposals were on battery material technologies, “LGES Battery Challenge 2022” saw a
meaningful increase in the proposals related to LGES’s new business areas, including BMS
technologies incorporated with digital transformation (DX) using artificial intelligence and
machine learning, battery swapping stations (BSS), energy management system (EMS), and
power trading platforms.

“As a front-runner in the fast-growing battery industry, it is imperative that we secure
leadership in future battery technologies as well,” said Sungrok Bang, Research Fellow at LG
Energy Solution. “We will continue on with a variety of open innovation programs to advance
our technological competitiveness in the battery field.”