LG Energy Solution opens submissions for battery tech partnership program
Korea's leading battery manufacturer, LG Energy Solution, announced Monday the launch of a new program to accept collaboration proposals from companies with innovative battery technologies, aiming to spur growth through technical partnerships.
Through its Open Submission Start-up program, LG Energy Solution will offer joint research and development opportunities or potential investment, following a thorough review and technology assessment of submitted proposals.
As part of the initiative, the company is currently accepting proposals from start-ups in six core areas of battery technology until June 30.
The categories include materials, cells, cell processing, battery packs, battery management systems and battery systems, encompassing technologies for system validation and integration.
Starting in the second half of 2025, the program will expand to accept battery-related proposals in any area, beyond the six initial categories. The range of eligible participants will also expand to include listed companies, allowing proposals to be submitted year-round.
To facilitate participation, LG Energy Solution has launched a dedicated page for the program on its Bridge portal, a platform for external collaboration and technology partnerships.
'Open innovation is a key strategy for transforming novel technologies and ideas into reality,' said Kim Je-young, chief technology officer of LG Energy Solution. 'We will continue seeking collaboration with external partners to lead the future of the battery industry.'
In March, during InterBattery 2025 — Korea's largest battery industry exhibition — the company emphasized that the next three to five years will be a golden period for enhancing product competitiveness, achieving cost innovation and building a flexible product portfolio.
In line with this vision, LG Energy Solution is actively seeking external partnerships to strengthen its technology base.
Separately, on Thursday, the company also announced an agreement with Seoul National University to expand its industry-academia cooperation center at the university. With the expansion, the center includes the mechanical engineering field, moving beyond its original focus on chemistry and chemical engineering since the center's launch in 2022.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
41 minutes ago
- Korea Herald
Seoul shares open higher on chemical gains
South Korean stocks opened higher Monday, led by gains in major tech and chemical shares as investors looked to developments in trade talks with the United States. The benchmark Korea Composite Stock Price Index rose 21.62 points, or 0.71 percent, to 3,077.56 in the first 15 minutes of trading. Eyes are on negotiations with the US on Washington's aggressive tariff scheme, with 10 days to go before the US' country-specific tariffs will resume. In April, US President Donald Trump decided to suspend the imposition of the reciprocal tariffs on trading partners, including 25 percent duties on South Korea, until July 8 to allow time for negotiations. The Trump administration has signaled openness to extending the pause on the new tariffs. Most big-cap tech shares opened higher. Chip giant SK hynix rose 1.23 percent, and leading battery maker LG Energy Solution surged 2.6 percent. But market bellwether Samsung Electronics lost 0.49 percent on profit-taking. Top chemical firm LG Chemical soared 1.44 percent, and No. 1 steelmaker POSCO Holdings advanced 1.54 percent. Nuclear power plant manufacturer Doosan Enerbility spiked 7.6 percent on news that its president, Kim Jung-kwan, was nominated as industry minister. Carmakers opened mixed. Top automaker Hyundai Motor edged up 0.12 percent, while its sister affiliate Kia shed 0.1 percent. The local currency was trading at 1,359.4 won against the greenback at 9:15 a.m., down 2 won from the previous session. (Yonhap)
Korea Herald
13 hours ago
- Korea Herald
Korea's economy will run like a business for growth: finance minister nominee
Koo Yoon-cheol pushes productivity, real growth to boost public livelihoods South Korea's finance minister nominee, Koo Yoon-cheol, vowed Sunday to manage the national economy with the rigor of a private company, focusing on return on investment and making government spending more productive. 'South Korea must pursue real growth, and that requires a fundamental overhaul,' Koo said during a press briefing shortly after his nomination was announced. 'We must run the economy like 'Corporation Korea,' where the people are our shareholders.' Koo, tapped as the first finance minister under President Lee Jae Myung, will be responsible for steering the new administration's economic policy. His comments aligned closely with Lee's top priority of improving public livelihoods, a message the president has underscored since taking office. 'I feel a deep sense of responsibility in being nominated at a time when the Korean economy faces serious challenges,' Koo said. 'But responsibility alone isn't enough — we must act. The most urgent task is stabilizing prices and easing the burden on ordinary citizens.' Koo also pledged to revitalize regional economies outside the capital area and address seasonal safety concerns as Korea approaches the peak of summer. Externally, he pointed to rising risks from US tariff negotiations, the war in Ukraine, and tensions in the Middle East. 'I will respond actively and step by step to the challenges confronting our economy,' he said. A veteran of budget policy, Koo likened managing the national economy to running a business — where every investment must be justified by returns. 'It all begins with cost-benefit thinking,' he said. 'A company that makes bad investments eventually fails. The same applies to a country. Korea must ensure that every unit of spending delivers value — whether by cutting costs, raising revenue, or finding new engines of growth.' Koo reaffirmed the Lee administration's expansionary fiscal stance, but with a focus on measurable outcomes. 'We must approach fiscal policy from a performance-based perspective," he said. "If more spending leads to growth, we spend more. If it doesn't, we cut back. In the short term, we operate flexibly. But in the long term, what matters is spending productively — even if that means spending more — to ensure sustainable growth.' He also stressed the need for systemic reform and future-oriented investments. 'We'll invest strategically in emerging industries like AI to build new growth engines, ensuring all citizens share in the opportunities and rewards of economic expansion and creating a virtuous circle between national progress and public well-being," said Koo. A visiting professor of economics at Seoul National University, the minister nominee has long argued that AI is Korea's next great economic engine. In April, he reportedly said, 'Korea's golden time lies in the next five years — our future depends on AI.' The seasoned bureaucrat returns to the Finance Ministry after five years, having last served as second vice finance minister under President Moon Jae-in, overseeing budget and fiscal policy until May 2020. He previously held several high-level posts at the ministry, including director general for budget planning and for social spending, and was widely regarded as the architect of Moon's 'people-centered economy.' He also held senior positions in the presidential office under President Roh Moo-hyun, including director of government affairs and secretary for personnel. From May 2020 to June 2022, he led the office for government policy coordination. In announcing his nomination, the presidential office described Koo as 'someone who has long explored how to drive innovation in Korea,' and 'ideally positioned to chart a path for national growth, backed by deep expertise in finance and policy.' Koo steps into the role with considerable responsibility, following a nearly two-month vacancy after the sudden resignation of former finance minister Choi Sang-mok. Although the finance minister typically also serves as deputy prime minister for the economy, the presidential office did not clarify whether Koo would take on that role — fueling speculation of a broader structural shake-up. President Lee has previously proposed splitting the Finance Ministry into two branches, one for budgeting and another for fiscal policy, to curb its influence and bring budgetary oversight closer to the presidential office. He will be formally appointed following a parliamentary confirmation hearing. Once confirmed, Koo will immediately face a packed agenda — setting the new administration's economic direction, preparing next year's budget, and responding to trade risks and domestic headwinds. 'Having risen from one of the world's poorest countries to the brink of developed-nation status, Korea has already experienced what it means to lead globally — and I believe we can do it again, and must,' Koo said. 'The country must achieve real growth to ensure people's happiness. I will devote myself to making that happen — and to making sure the benefits of that growth return to the people and improve their lives.'
Korea Herald
20 hours ago
- Korea Herald
1 in 4 Koreans aged 20–50 invests in crypto
About 1 in 4 Koreans aged 20 to 50 currently holds virtual assets, with the majority of these investors being men in their 30s and 40s working in white-collar jobs, a new report from the Hana Institute of Finance showed Sunday. The report, titled 2050 Generation's Virtual Asset Investment Trends, highlights how investor behavior has evolved from trend-chasing to a more analytical and planned approach. The study shows that aggressive and risk-tolerant individuals are significantly more likely to invest in cryptocurrencies. Despite holding fewer liquid assets than the average, these investors allocate more capital overall to financial products, with virtual assets comprising some 14 percent of their total holdings. Initially driven by fear of missing out, or FOMO, motivations for virtual asset investment have shifted. Now, more investors cite growth potential, portfolio diversification and structured savings as key reasons. Channels for gathering investment information have also changed, with reliance on peer influence declining and the use of official exchanges and analytical platforms rising. 'Virtual assets are already playing a central role in investor portfolios and will likely become more mainstream. As such, there is strong demand for legal frameworks and expanded roles for traditional financial institutions," said Yoon Sun-young, a research fellow at Hana Institute of Finance. For banks, it is both an opportunity and a challenge, according to Yoon. "They must prepare proactively for ecosystem expansion by diversifying crypto-based financial products and enhancing integrated investment management.' However, friction in the investment process persists. Some 76 percent of respondents reported inconvenience due to the inability to link their existing bank accounts to crypto exchanges. This issue stems largely from the mandatory one-exchange, one-bank system in Korea. When choosing a trading platform, investors now prioritize which bank the exchange is linked with over the platform's interface or trading features. Currently, 70 percent of respondents currently use Upbit, which is linked to K bank. The report also indicates that 7 in 10 respondents are interested in future investments in virtual assets. Many view integration with traditional financial institutions and stronger regulatory frameworks as key to improving trust and convenience. Notably, over half of current investors said they would consider expanding their relationship with banks offering crypto-related services if incentivized with promotions or benefits. Bitcoin remains the most favored asset, but former investors show growing interest in stablecoins, a type of cryptocurrency the value of which is pegged to another asset, such as a fiat currency or gold, especially those that could be introduced through regulated channels.
