General Motors’ battery supplier, South Korean-based LG Chem, is looking for the next big breakthrough in electric-car battery technology. The company announced its Battery Challenge competition.
The competition will see numerous applicants apply for LG Chem funding and cash prizes. The company said it’s most interested in start-up companies with a focus on battery material, management and control, recycling and regeneration, and battery manufacturing, design and processing. Any company applying must submit their technology descriptions and business plans, which will then be carefully analyzed and evaluated to pick the top eight.
LG Chem will select eight companies for a “Demo Day” in February 2019 to present the technology in working order and business plans.
Of the eight selected companies, the top three placing startups will win cash prizes. First place will receive $40,000, second plans will earn $30,000 and third place will go home with $10,000. However, the cash prizes are nothing in comparison to the investment opportunity. All applicants will be eligible for funding from LG Chem and LG Technology Ventures. The companies have $1.9 million awaiting investment.
The South Korean company said its battery business has grown to approximately $53.3 billion at the end of this year’s second financial quarter. Suppliers like LG Chem are poised for even greater growth as the automotive industry embraces electrification. And with greater demand will come a similar demand for innovative technology. Companies interested in applying for the competition can submit an application until November 2 at the link here.