LG Energy Solution is teaming up with the Korea SMEs and Startups Agency to identify promising small and venture companies in South Korea's battery sector. The two organisations said on Tuesday they have launched the "K-Battery Ecosystem Reinforcement Open Innovation" programme and will recruit participating companies for a month until 6 p.m. on June 12.

The call covers four areas: process defect detection technology, real-time battery condition diagnosis and prediction systems, next-generation processes and equipment technology, and battery cell resistance reduction technology. Applications can be submitted via the Korea SMEs and Startups Agency website.

Selected companies will be given joint business opportunities such as proof-of-concept technology verification projects and equity investment with LG Energy Solution. A package of policy programmes will also be provided, including a citation from the Korea SMEs and Startups Agency chair and "regional leading company loan matching". The two organisations said the final selection will be based on an overall review of differentiation factors such as technical difficulty and originality, the feasibility of product commercialisation and process application, and future growth potential.

The two organisations plan to use the partnership to build a public-private, shared-growth model that links large companies' technology needs with solutions from small and venture firms. Ban Jeong-sik (반정식), head of regional innovation at the Korea SMEs and Startups Agency, said, "The core of this programme is to help large companies secure innovative technologies and provide small and venture firms with real business opportunities." He added, "We will continue to faithfully serve as a bridge for win-win cooperation between large and small companies to boost regional economic vitality and solidify the ecosystem for new industries."

Kim Je-young (김제영), LG Energy Solution's chief technology officer, said, "As the speed of technological competition in the battery industry is very fast, cooperation with external innovation is essential." He added, "Through open innovation, we will strengthen the foundation of South Korea's battery industry with promising domestic small and venture firms and secure leadership in the global market."

LG Energy Solution also operates a channel through its OSS (Open Submission for Start-up) programme through which promising startups worldwide can propose strategic cooperation at any time. It is also running the BIC (Battery Innovation Contest) programme for universities and research institutions at home and abroad, and is pushing to expand the battery ecosystem through research funding support and joint technology development.