LG Chem, Hyundai to look for cutting-edge EV start-ups
They will also commence strategic investments together in companies
LG Chem and Hyundai Motor Group will kick-off a start-up competition for promising start-ups in electric vehicles (EV) and batteries, the companies said Thursday.
The EV and Battery Challenge will last from June 22 to August 28, they said.
They will be looking for start-ups with next-generation battery technologies that can extend travel distance and safety of EVs, or those that can increase battery efficiency and convenience as well as those that can decrease battery cost and recycle used batteries and materials.
They will also be looking for companies with technologies that can increase battery productivity and quality, those in driving components in EV, those in charging and power management as well as companies working in personalization services for EVs.
Those who pass the first document review will be eligible for the second round of remote conference call in October.
The final candidates will attend a workshop that will be hosted by Hyundai Motor Group at its Hyundai CRADLE open innovation lab in the US in November to talk collaboration in detail.
LG Chem and Hyundai will verify the technologies of the final candidates and review potential strategic investments together.
The two companies said they hoped they will find promising next-generation battery technology that will lead the future, from the competition.