LG Chem – Tires & Parts News https://tiresandparts.net Your News Source for Everything Automotive Fri, 18 Sep 2020 07:03:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.10 Hyundai Motor and LG Chem Launch Global Competition to Invest in EV and Battery Start-ups https://tiresandparts.net/news/hyundai-motor-and-lg-chem-launch-global-competition-to-invest-in-ev-and-battery-start-ups/ https://tiresandparts.net/news/hyundai-motor-and-lg-chem-launch-global-competition-to-invest-in-ev-and-battery-start-ups/#respond Sun, 28 Jun 2020 08:26:41 +0000 https://tiresandparts.net/?p=30870 With demand for EVs growing, Hyundai Motor Company and LG Chem are jointly sponsoring the “EV & Battery Challenge” (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration. New Energy Nexus, the international start-up support organization, will manage and facilitate the competition. With the automobile industry’s […]

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With demand for EVs growing, Hyundai Motor Company and LG Chem are jointly sponsoring the “EV & Battery Challenge” (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration. New Energy Nexus, the international start-up support organization, will manage and facilitate the competition.

With the automobile industry’s increased focus on development of more eco-friendly vehicles, specifically EVs, the demand for high-performance, high-efficiency batteries is greater than ever before. Hyundai has gained prominence in the global market with a comprehensive portfolio of EVs. Hyundai Motor Group is planning to deploy 44 eco-friendly models by the year 2025, including 23 EVs.

The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai and LG Chem, to develop proof-of-concept projects while leveraging the sponsors’ technical expertise, resources and laboratories. The global competition offers start-ups the opportunity to showcase their respective innovative technologies and unique business models. Through the EVBC, the three sponsors aim to identify and secure core technology capabilities that will bring more value to their customers.

Start-ups that have working prototypes and are building technologies in EV charging and fleet management, power electronics and components, personalization services and battery management, systems, materials, recycling and manufacturing are strongly encouraged to participate. They can apply through www.evbatterychallenge.com now until August 28.

Applicants that pass the first review on business feasibility and technology will go through virtual interviews in October. Then, the finalists will attend a two-day workshop in November at the Hyundai CRADLE Silicon Valley office, the hub for Hyundai Motor Group’s open innovation in the U.S. There, Hyundai and LG Chem will be verifying the innovative technologies of the applicants.

“We are widening our collaboration with start-ups that have promising and innovative ideas. We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology,” said Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group.

“LG Chem is continuously striving to lead in battery technology development based on an open innovation approach,” said Myung-Hwan Kim, Chief Production & Procurement Officer and head of the battery research center at LG Chem’s Energy Solution Company. “We will foster potential start-ups in partnership with Hyundai, and strengthen our capabilities in the EV sector.”

“Both LG Chem and Hyundai Motor are leading the charge for better batteries and better mobility systems. Their joint effort to accelerate startups through the EV and Battery Challenge shows they are in it for the long game. We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition,” says Danny Kennedy, Chief Energy Officer of New Energy Nexus.

Last year, LG Chem hosted “The Battery Challenge” to discover innovative technologies in the battery business, and this year, it has partnered with Hyundai to create more synergy in the EV sector.

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Geely Auto Collaborates with LG Chem for JV Making EV Batteries https://tiresandparts.net/news/parts/geely-auto-collaborates-with-lg-chem-for-jv-making-ev-batteries/ https://tiresandparts.net/news/parts/geely-auto-collaborates-with-lg-chem-for-jv-making-ev-batteries/#respond Mon, 01 Jul 2019 11:46:37 +0000 https://tiresandparts.net/?p=28066 Through one of its subsidiaries named Shanghai Maple Guorun, Geely Automobile Holdings is joining hands with Korean company, LG Chem to set up a joint venture company. Geely owns 99 percent of Shanghai Maple Guorun and the new joint venture company that the two companies set up will engage in the production of batteries for […]

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Through one of its subsidiaries named Shanghai Maple Guorun, Geely Automobile Holdings is joining hands with Korean company, LG Chem to set up a joint venture company. Geely owns 99 percent of Shanghai Maple Guorun and the new joint venture company that the two companies set up will engage in the production of batteries for electric vehicles. LG Chem is one of the leading manufacturers of such batteries in the world.

According to the terms of the agreement, Shanghai Maple Guorun and LG Chem will each have a 50:50 share in the new joint venture company that will specialize in the production and sales of new energy vehicle batteries. The two companies will invest a total amount of USD 188 million in the company and the amount would be split equally between both parties.

Geely Auto became one of the first automotive companies that undertook to electrify its product range through an announcement in November 2015. As part of the Blue Geely Initiative, Geely’s plan is to derive 90 percent of its sales from electrified vehicles from 2020. The term electrified vehicles will cover mild hybrids, plug-in hybrids and pure electric vehicles. The partnership with LG Chem will make it possible for Geely to realize its Blue Geely Initiative as it would ensure a stable supply of core components that could be used in future models tha the company would product to meet the growing demand in the Chinese market for new energy vehicles.

An Conghui, president of Zhejiang Geely Holding Group, CEO and president of Geely Automobile Group, said that Geely Auto has already created a strong supply chain network for the production and development of new energy vehicles. He said that the new joint venture agreement with LG Chem would further reinforce the company’s position as a leader in new energy vehicles and help it to realize its aim of providing its customers with more value and a better ownership experience.

Kim Jong-Hyun, president of LG Chem’s Energy Solution said: “This joint venture with China’s leading privately-owned automotive company, Geely Auto, can be seen as contributing to the progress of China’s overall electric vehicle industry.”

In 2018, China accounted for 62 percent of global EV sales with the new energy vehicle market reaching 1.25 million units in 2018. The automotive market in China is expected to grow at a strong pace in the coming years. In May 2019, Geely Auto sold more than 10,115 electrified vehicles, representing a 25 percent increase in sales over the same period a year earlier.

Geely has continued this performance in the first five months of 2019, with the company selling a total of 41,615 pure electric and electrified vehicles and launching the Geometry brand in April 2019 as a pure electric brand within Geely Auto. Geometry’s first model, Geometry A performed well with regard to sales and over the next two years Geely Auto plans to launch over 30 electrified vehicles including hybrid and pure electric vehicles.

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LG Chem Runs Innovation Contest to Support Startups with New Battery Technologies https://tiresandparts.net/news/parts/lg-chem-runs-innovation-contest-to-support-startups-with-new-battery-technologies/ https://tiresandparts.net/news/parts/lg-chem-runs-innovation-contest-to-support-startups-with-new-battery-technologies/#respond Wed, 24 Oct 2018 13:50:20 +0000 https://tiresandparts.net/?p=25019 LG Chem, which is a leading manufacturer of advanced lithium-ion batteries, is running its first open innovation contest ‘The Battery Challenge’ to support start-ups which are involved in developing new battery technologies. The company is accepting applications till November 2nd for the contest. Companies can apply in any one of four categories: ‘battery material’, ‘battery […]

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LG Chem, which is a leading manufacturer of advanced lithium-ion batteries, is running its first open innovation contest ‘The Battery Challenge’ to support start-ups which are involved in developing new battery technologies.

The company is accepting applications till November 2nd for the contest. Companies can apply in any one of four categories: ‘battery material’, ‘battery management and control’, ‘design, manufacturing and processing’ and ‘recycle and regeneration’. All details about the application process for the contest are available on the company’s website. (https://batterychallenge.co/).

All the participants in the contest are required to submit their technology descriptions and business plans. These will be carefully scrutinized in order to shortlist the top eight entries. Those who participate in the contest are encouraged to focus on technology and innovation in the battery sector. The companies that are shortlisted will be invited to ‘Demo Day’ in Silicon Valley around February 2019 in order to present their business plans.

Each contestant’s business plan and presentation will be carefully considered to assess each start-up’s feasibility and marketability in the sector and the finalists will be selected. LG Chem will make it possible for the winners to get over USD 1.9 million in funding through a formal partnership agreement. They can also continue to develop related technologies through joint research projects.

Strengthening technological competitiveness through open innovation.
LG Chem is holding the contest with the purpose of discovering innovative technologies and to promote a culture of active open innovation which can enhance competitiveness.
In June 2018, LG Chem had hosted the ‘Global Innovation Contest (GIC)’ as part of its drive to promote technical cooperation between LG Chem and academic institutions. Many leading universities and research institutes from different parts of the world participated in the event, especially those working on innovative technologies in five promising areas: energy, environment, functional materials, biotechnology and platform technology.

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LG Chem Finalizes Seven Year Contract to Supply EV Batteries to Mahindra https://tiresandparts.net/news/parts/lg-chem-finalizes-seven-year-contract-supply-ev-batteries-mahindra/ https://tiresandparts.net/news/parts/lg-chem-finalizes-seven-year-contract-supply-ev-batteries-mahindra/#respond Tue, 27 Feb 2018 14:07:13 +0000 https://tiresandparts.net/?p=22841 The demand for electric vehicles in the Indian automotive is set to soar with government policies that focus on encouraging large scale adoption of electric vehicles. One of the Indian automotive manufacturers with considerable expertise in the production of electric vehicles is Mabhindra and LG Chem has just finalized a seven-year contract to supply electric […]

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The demand for electric vehicles in the Indian automotive is set to soar with government policies that focus on encouraging large scale adoption of electric vehicles. One of the Indian automotive manufacturers with considerable expertise in the production of electric vehicles is Mabhindra and LG Chem has just finalized a seven-year contract to supply electric car batteries to Mahindra.

The deal with Mahindra is worth hundreds of billions of won as according to the terms of the agreement, LG Chem will serve as the sole battery supplier for Mahindra’s new electric vehicle model, which is slated to be launched in 2020.

This deal will help LG Chem to get a head start in the market for electric vehicle batteries in India. India’s automotive market is growing at a rapid pace and is now the four largest market in the world.

Mahindra is a global car manufacturer that acquired Korean car manufacturer, Ssangyong Motor in 2010. Mahindra had also acquired the renowned Italian car design firm, Pininfarina in a 168 million euro deal in December 2015. India is a key market for Korean company, LG Chem as Korean suppliers have been sidelined in the Chinese automotive market.

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