March 15, 2022
LG Chem Partners With Unknown to Launch Sustainability-driven ‘LG Chem Global Innovation Challenge’ for Startups Worldwide
LG Chem’s first-ever global monumental event centered on startup collaborations, the LG Chem Global Innovation Challenge will give startups and scale-ups globally working on sustainable solutions, the opportunity to commercialize their technology with South Korea’s largest chemical manufacturers’ solid proof of concept process.
The Hague, March 15. Collaborating with bold and innovative startup solutions is a key component of LG Chem’s vision to build a sustainable economy as a global industry-leading diversified chemical company. To facilitate this, they are partnering with Unknown Group, a Hague-based Venture Capital, Business Development, and Open Innovation firm on the creation of the first-ever LG Chem Global Innovation Challenge.
Calling on startups worldwide working on innovative solutions in Circular Plastics, Carbon Utilization, Renewable Hydrogen, and Sustainable Batteries.
The LG Chem Global Innovation Challenge is an opportunity for startups worldwide with a passion for innovation and the well-being of our planet, that are working on sustainable solutions in LG Chem’s challenge domains of Circular Plastics, Carbon Utilization, Renewable Hydrogen, and Sustainable Batteries. Successful PoCs have the potential for deeper collaboration with LG Chem’s designated departments in South Korea, the EU, and USA. Beyond this, winning solutions have the opportunity to earn:
- Various types of funding opportunities following the LG Chem‘s recently announced plan to invest 9 billion USD in new growth areas including sustainability, battery materials, and drugs by 2025
- Admission and access to LG Chem’s global business network
- Collaboration opportunities with a variety of experts towards commercialization
Seungsuk Yoo, LG Chem’s Head of Open Innovation department said: “I expect this program is not only an extraordinary chance for bold entrepreneurs around the world, but also for us since we can showcase the vision and commitment about sustainability and various innovation approaches”.
Jurgen Nieuwenhuijsen, COO at Unknown Group said: “We identify with LG Chem’s mission of connecting science to life for a better future and are eager to identify, bring forward and ignite collaborations between them and unconventional solutions and driven founders from all corners of the world”.
By identifying and collaborating with the most game-changing players with disruptive technologies from around the world, LG Chem expands its impact, whilst finding new directions, industries, business models, and ideas.
Applications for the LG Chem Global Innovation Challenge are open till 1 May 2022. To send in your application, visit: https://www.lgc-innovationchallenge.com
About LG Chem and the LG Chem Global Innovation Challenge
LG Chem is a leading global chemical company with a diversified business portfolio in the key areas of petrochemicals, advanced materials, and life sciences. The company manufactures a wide range of products from high-value-added petrochemicals to renewable plastics and also specializes in cutting-edge electronic and battery materials, as well as drugs and vaccines to deliver differentiated solutions for its customers.
LG Chem is committed to reaching carbon-neutral growth by 2030 and net-zero emissions by 2050 by managing the impacts of climate change and making positive contributions to society through renewable energy and responsible supply chains. Headquartered in Seoul, Korea, LG Chem has multiple operation sites worldwide and has generated KRW 42.7 trillion (USD 37.3 billion) in sales in 2021. For more information, please visit www.lgchem.com
About Unknown Group
Unknown is an early-stage venture capital and business development firm, supporting founders and industry leaders to successfully bring innovations to the market: a “Venture Engine®”. With a fresh approach delivering venture success, lining up the industry and creating a pool of solutions ready to be adopted by the market.
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