LG Energy Solution has joined hands with the Korea SMEs and Startups Agency to strengthen South Korea's battery supply chain. LG Energy Solution said it signed a memorandum of understanding, titled "MOU to strengthen the K-battery ecosystem", with the agency on June 24 at its Daejeon Technical Research Institute in Daejeon.

The agreement is follow-up cooperation to the "K-battery open innovation" programme the two organisations jointly promoted in May. It aims to strengthen competitiveness across the battery industry ecosystem and expand mutually beneficial cooperation between large companies and small and medium-sized firms.

The two sides agreed to cooperate on discovering and nurturing small and venture firms in the battery sector, operating open innovation programmes, supporting efforts to strengthen the competitiveness of partner companies, and identifying joint projects to revitalise the ecosystem. They also plan to continue discussions on linking the agency's growth support programmes to partner companies within LG Energy Solution's supply chain to build a sustainable supply chain.

LG Energy Solution has previously worked with the agency to run open innovation programmes in future battery industry-related areas such as process innovation, battery diagnostic prediction and next-generation production technologies. It has used the programmes to identify promising domestic companies with innovative technologies.

Kim Je-young (김제영), chief technology officer at LG Energy Solution, said sustainable growth of the battery industry begins with a healthy industrial ecosystem in which large companies and small and venture firms grow together. He said the agreement will expand cooperation with promising domestic companies, accelerate their growth and help strengthen competitiveness of the K-battery industry.

Ban Jeong-sik (반정식), director for regional innovation at the agency, said the agency's corporate infrastructure and support tools will create strong synergy when combined with LG Energy Solution's global value chain. He said the agency will spare no support to provide large companies with opportunities to secure future innovative technologies and give small and venture firms a practical ladder to step onto the global stage, so the partnership can become the most exemplary success model of public-private cooperation.