LG Energy Solution offers funding to battery startups

South Korean battery manufacturer LG Energy Solution is on the lookout for potential candidates for its 2024 Battery Challenge accelerator. The competition will award a maximum of 10 global companies with a $30,000 cash prize each, as well as an opportunity to develop their proof-of-concept. 
LG building
Image: LGES

LG Energy Solutions is running a Battery Challenge accelerator to fund and support the next generation of battery technology entrepreneurs. The competition is aimed at startups from anywhere in the world that have strong expertise in the battery sector.  

Pre-commercial applicants with a validated concept and working prototype are preferred. Their technology readiness level should be between 5 and 6.  

Smart factory solutions, battery materials, battery maintenance, battery recycling, manufacturing and quality control, mining and extraction technologies, battery management systems and other ‘new to world’ technologies are all welcome. 

Those interested have until June 30 to get their applications to LG Energy Solutions. All details about the accelerator are available on the company’s website

According to its FAQ section, a maximum of 10 applicants will be selected as finalists. Each winner will receive a cash prize of $30,000. However, the amount may vary depending on the number of finalists.  

The finalists will be chosen by LG Energy Solution researchers. As the competition’s implementation partner, international non-profit New Energy Nexus will oversee the process and conduct background checks. 

Application reviews will take place starting August 31, with online interviews taking place from October 31. Prize winners will be announced in December, although no exact date has been given.  

Finalists will have the opportunity to work with LG Energy Solution to get further investment and proof-of-concept for technologies, but the company says nothing is guaranteed.  

LG Energy Solution is one of the biggest lithium-ion battery manufacturers in the world alongside other industry giants such as CATL and BYD. Earlier this year, in January, the company announced an equity investment in US-based lithium metal battery startup Sion Power.  

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