Program

Bold and unconventional startup solutions, helmed by visionary and purpose-driven founders have the potential to accelerate positive change. For the LG Chem Global Innovation Challenge – Sustainable Solutions, we are on the lookout for game-changing players with disruptive technologies that are ready to scale their impact and leverage the network, expertise, and funding of Korea’s largest chemical company.

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.

What’s in it for you?

Leverage and access LG Chem’s global network

Various types of funding with the size of 9 billion USD up to 2025 in total

Collaboration opportunities with a variety of experts to scale up your technology

Work with LG Chem’s both Business and R&D departments

Series A+ and TRL Level 5+

Have a novel & sustainable solution

With strong foundations and team

With a strong interest in working with LG Chem

Who is our ideal partner?

View challenges

Startup collaboration success stories

Innerbottle (2021)

Equity-based alliance with Innerbottle (founded: 2017), a Korean startup that invented a form of silicon-based sustainable packaging for beauty products.
Because the silicon pouch is what comes into direct contact with the substance, the outer bottle covering the pouch can be completely reused without the additional process of having it cleaned. Together LG Chem and Innerbottle will establish a system where plastic bottles are collected directly from customers and completely recycled.

Apart from equity investment, LG Chem is supplying eco-friendly material for the outer bottles. Alongside Innerbottle, we are developing ways to substitute the inner silicon pouch with LG’s nitrile butadiene latex, which requires less material to produce.

Mura Technology (2022)

Equity investment to bolster UK-based Mura Technology’s plans to develop and deploy industrial-scale advanced recycling capacity globally. In addition to becoming a shareholder in Mura, LG Chem has purchased a process license to Mura’s innovative recycling process, Hydro-PRT℠ (Hydrothermal Plastic Recycling Technology), and LG Chem plans to construct a hydrothermal upgrading facility to initially recycle up to 25,000 tonnes of plastic waste annually.

Once the facility – which will be the first in South Korea to use supercritical water – is operational, LG Chem plans to review the potential for constructing additional sites. This will continue to drive Mura’s global impact following the recent announcement of its first US-based Hydro-PRT℠ site near Seattle. Construction is already underway on Mura’s UK-based plant located in Teesside, which will be operational in 2022.

Timeline

15th of March 2022

Applications open

1st May 2022

Last date to submit applications

End of May 2022

Shortlist announcement

Early June 2022

Interviews

End June - Early July 2022

Dealmaking meetings

Frequently asked questions

What is the LG Chem Global Innovation Challenge?

The LG Chem Global Innovation Challenge is a platform launched with the goal to solicit innovative startups and scaleups to collaborate with LG Chem to accelerate the transition to Net Zero. LG Chem is committed to achieve Net Zero by 2050 in order to achieve this goal innovation is key across the 4 domains of the challenge.

What is LG Chem?

LG Chem is an affiliate of LG Corp; a globally diversified chemical company which established in petrochemical, advanced materials and biotechnology. Building upon a balanced and globally competitive business portfolio, including petrochemicals, advanced materials, life sciences, and a subsidiary specializing in batteries, LG Chem now endeavors to become one of the top five chemical companies in the world.

What are the four focus domains of this challenge?

We are most interested in solutions in the domains of circular plastics, carbon utilization, sustainable batteries and renewable hydrogen.

When is the application deadline?

The application window closes on May 1, 2022 at 23:59 CET.

Who will judge the applications?

The applications will be judged by a team of evaluators from various LG Chem business units. They will score all applications, among them technical and domain experts, in addition to investment professionals.

What technology readiness level (TRL) is required for the challenge?

We do not have a hard TRL requirement for this challenge and are happy to explore early-stage deep tech solutions, however, the ideal solution would be at or above TRL 5. In other words: the technology has been validated in a relevant industrial environment.

If I don't have a working prototype, can I still apply?

Yes, your application will still be accepted, however, it is preferred that you have a validated concept and a working prototype. Please be sure to describe where you are in the process towards developing a working prototype and associated challenges that you are facing.

What do you mean by Proof of Concept (POC) project?

We define Proof of Concept as testing of a specific function and testing the technology in a live environment using LG Chem’s facilities.

In the application, we request that you specify details around 1) the stage of your technology 2) intended goals of collaboration 3) timeline and budget.

Are finalists guaranteed investment by LG Chem?

No, the finalists are not guaranteed investment or financial support by LG Chem or Unknown Group. However, there is a budget available to run proof of concept projects with LG Chem.

What type of investment will be deployed?

LG Chem has committed 9 billion USD up to 2025 in various types of funding for collaborations with startups.