LG Energy Solution signs MOU with KOSME to strengthen K-battery ecosystem

LG Energy Solution has teamed up with the Korea SMEs and Startups Agency (KOSME) to strengthen the competitiveness of South Korea's battery industry ecosystem.

LG Energy Solution announced Wednesday that it signed a memorandum of understanding with KOSME on "Strengthening the K-Battery Ecosystem" at its Daejeon Technology Research Center in Yuseong-gu, Daejeon.

The agreement follows the "K-Battery Open Innovation" program the two organizations jointly launched in May, and aims to boost competitiveness across the battery industry ecosystem while expanding cooperation between large companies and small and medium-sized enterprises.

Under the MOU, the two sides agreed to cooperate on identifying and nurturing promising small and venture businesses in the battery sector, running open innovation programs, supporting the competitiveness of partner companies, and developing joint projects to invigorate the battery industry ecosystem.

In addition, the two organizations plan to continue discussing ways to link KOSME's various growth support programs to companies within LG Energy Solution's supply chain, with the goal of strengthening their competitiveness and building a sustainable supply chain.

Earlier, LG Energy Solution and KOSME jointly operated an open innovation program covering fields tied to the future battery industry — including process innovation, battery diagnostics and prediction, and next-generation production technology — to identify promising domestic companies with innovative technologies.

"Sustainable growth in the battery industry starts with a healthy ecosystem where large companies and small and venture businesses grow together," said Kim Je-young, LG Energy Solution's executive vice president and chief technology officer. "We will use this agreement as an opportunity to further expand cooperation with promising domestic companies, accelerate their growth, and contribute to strengthening the competitiveness of the K-battery industry."

Ban Jeong-sik, KOSME's regional innovation director, said the agency's corporate infrastructure and support tools — backed by four consecutive years of top ratings in the government's public institution co-growth assessment — would generate strong synergies when combined with LG Energy Solution's global value chain. "We will spare no effort to provide large companies with opportunities to secure future innovative technologies and to offer small and venture businesses a practical ladder to the global stage, establishing this as the most exemplary model of public-private collaboration," Ban said.

Meanwhile, LG Energy Solution and KOSME launched the "K-Battery Ecosystem Strengthening Open Innovation" program last month, accepting applications through June 12. LG Energy Solution plans to offer selected companies the opportunity to conduct proof-of-concept testing, along with the possibility of joint commercialization through equity investment and other means.