Battery Challenge 2024
LG Energy Solution is on a mission to find the most innovative and cutting-edge battery startups on the planet
Challenge Overview
The LG Energy Solution Battery Challenge 2024 is designed to accelerate the adoption of new battery technologies and business models around the world.
Transformative battery solutions in transportation, electricity grids, home storage, and new applications will be the key to unlocking the next stage of the clean energy transition. Having access to safe, clean, and independent energy is becoming universal.
Battery industry leader LG Energy Solution partners with New Energy Nexus to launch this challenge.
Challenge Overview
The LG Energy Solution Battery Challenge 2024 is designed to accelerate the adoption of new battery technologies and business models around the world.
Transformative battery solutions in transportation, electricity grids, home storage, and new applications will be the key to unlocking the next stage of the clean energy transition. Having access to safe, clean, and independent energy is becoming universal.
Battery industry leader LG Energy Solution partners with New Energy Nexus to launch this challenge.
What’s In It for My Startup?
What’s In It
for My Startup?
USD $30,000
Cash Prizes
Each winner can be awarded up to $30,000 cash prize (cash amount may vary depending on the number of winners)
Investment Opportunities
Selected finalists have opportunities to undergo further investment reviews by LG Energy Solution
Collaborate with LG Energy Solution
Selected finalists will have potential opportunities to collaborate with LG Energy Solution on a Proof-of-Concept (PoC) project
Who Should Apply?
- Applicants anywhere in the world with strong expertise and innovative technology in the battery sector
- Pre-commercial companies that have a validated concept and a working prototype are preferred
- Companies with a Technology Readiness Level (TRL) between 5-6
- Strong desire to work with LG Energy Solution
- Battery technology in the following categories are encouraged:
Battery Management
System (BMS)
Battery
Maintenance
Battery Recycling / Reuse
Technology
Metal Sourcing (innovative mining / extraction technologies)
Battery Manufacturing and
Quality Control
Battery
Materials
Smart Factory
Solutions
New to World & New to LG (new technologies regarding battery and energy, and any new fields of technology you want to suggest to LG Energy Solution)
Who Should
Apply?
- Applicants anywhere in the world with strong expertise and innovative technology in the battery sector.
- Pre-commercial companies that have a validated concept and a working prototype are preferred
- Companies with a Technology Readiness Level between 5-6 is most ideal
- Strong desire to work with LG Energy Solution
- Battery technology in the following categories are encouraged:
Battery Management System (BMS)
Battery Maintenance
Battery Recycling/Reuse Technology
Battery Manufacturing and Quality Control
Battery Materials
Smart Factory Solutions
Metal sourcing (innovative mining/extraction technologies)
New to World & New to LG (fully new technology regarding battery and energy, and any new fields of technology you want to suggest to LG Energy Solution)
Selection Criteria
Applicants should clearly lay out your product description, value proposition and business model and technology expertise
Elegant Solution
Clearly innovative or disruptive, differentiated from existing solutions, scalable, exhibits sustainable competitive advantage potential (with some barriers to entry identified)
Early Stage
Proof-of-Concept (PoC) ready, pre commercial, Pre-seed – Series C Stage
Quality Management
Credible team, quality CV’s, relevant qualifications, and experience
Market Size
Large addressable market to facilitate significant sales growth (min. $1bn)
Business Plan
Viable business model based on credible commercial & economic assumptions
Investability
Encourage previous LG Energy Solution Battery Challenge participants to participate, high investability
Selection Criteria
Applicants should clearly lay out your product description, value proposition and business model and technology expertise.
Elegant Solution
Clearly innovative or disruptive, differentiated from existing solutions, scalable, exhibits sustainable competitive advantage potential (with some barriers to entry identified)
Early Stage
Proof-of-Concept (PoC) ready, pre commercial, Pre-seed Series C Stage
Quality Management
Credible team, quality CV’s, relevant qualifications, and experience
Market Size
Large addressable market to facilitate significant sales growth (min. $1bn)
Business Plan
Viable business model based on credible commercial & economic assumptions
Investability
Encourage previous LG Energy Solution Battery Challenge participants to participate, high investability
Timeline
Timeline
Who We Are
Jiyoon Kim
Team Leader
Jeheon Jeon
Manager
Seokhee Han
Manager
So Hyun Kim
Manager
LG Energy Solution: Open Innovation Team
Andrew Chang
Program Director
Amelia Ashley
Program Manager
Lily Lu
Program Manager
Jasper Shen
Marketing Director
Pengyi Du
Program Associate
New Energy Nexus: Energy Storage & Mobility Team
Who We Are
Jiyoon Kim
Team Leader
Jeheon Jeon
Manager
Seokhee Han
Manager
So Hyun Kim
Manager
LG Energy Solution: Open Innovation Team
Andrew Chang
Energy Storage & Mobility Team
Program Director
Lily Lu
Energy Storage & Mobility Team
Program Manager
Jasper Shen
Energy Storage & Mobility Team
Marketing Director
Pengyi Du
Energy Storage & Mobility Team
Program Associate
Amelia Ashley
Energy Storage & Mobility Team
Program Associate
Energy Storage & Mobility Team: New Energy Nexus
FAQ
How many startups will be selected as finalists for the LG Energy Solution Battery Challenge 2024?
We expect there will be a maximum of 10 applicants selected as finalists. In the unlikely event that there are less than 10 applicants that meet the minimum scoring criteria, the LG Energy Solution Battery Challenge 2024 reserves the right to select fewer finalists.
Who will judge the applicants and select finalists?
LG Energy Solution researchers and open innovation team will be reviewing the applications and selecting the finalists. New Energy Nexus will facilitate the process and conduct an initial due diligence check before the interview.
Will finalists have the opportunity to engage with LG Energy Solution for further investments or Proof-of-Concept projects?
Yes, finalists will have the opportunity to get possible further investments and Proof-of-Concept projects from LG Energy Solution. However, it’s not a guarantee. Further investment and Proof-of-Concept from LG Energy Solution will require an internal approval process and due diligence that is not part of the scope of the program.
What is the role of New Energy Nexus?
New Energy Nexus is the operating name of the California Clean Energy Fund and is the implementation partner for the LG Energy Solution Battery Challenge. More information can be found here.
What if my question is still not answered in the FAQ?
If your question cannot be found in the FAQ, please contact So Hyun Kim sohyunkim@lgensol.com via email. We will reply as soon as possible.
When is the application deadline?
The application window opens on June 4, 2024 and closes on 11:59 PM June 30, 2024 (Pacific Time).
When should I be expected to find out if I am a finalist?
We will notify you by email around the mid of August if you have made it to the interview round. The selection of the finalists will be conducted around November.
Can I still apply if I don’t have a working prototype?
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 what associated challenges you are facing.
I am a later stage company. Can I still apply?
Yes. We encourage all companies or teams who see value in partnering with LG Energy Solution to apply. Please highlight why you are applying even though you may not be one of the targeted groups of startups.
I am a research team working in a university lab. Will I be able to apply?
It depends. If you are applying on behalf of a university lab, then that would be no. But LG Energy Solution does have other programs geared towards university/research lab – Battery Innovation Lab. More information can be found here. On the other hand, if you’re a researcher at a lab and has your own company working on a separate project, then yes.
Do we have to be registered company when we apply?
It is preferred. In order to receive prize money, you will need to have a registered company.
What are the terms and conditions?
The terms and conditions can be found here.
Will we be signing NDA?
Yes. If you are selected as a one of the finalist candidates, we will be signing an NDA before the interview.
Is a video interview necessary during the selection process?
Yes. Once the application window closes, we will shortlist and contact the applicants to arrange a video interview. Interviews for this program will be conducted virtually.
For more questions, please email So Hyun Kim at sohyunkim@lgensol.com.
We will do our best to reply within 24 hours.
FAQ
How many startups will be selected as finalists for the LG Energy Solution Battery Challenge 2024?
We expect there will be a maximum of 10 applicants selected as finalists. In the unlikely event that there are less than 10 applicants that meet the minimum scoring criteria, the LG Energy Solution Battery Challenge 2024 reserves the right to select fewer finalists.
Who will judge the applicants and select finalists?
LG Energy Solution researchers and open innovation team will be reviewing the applications and selecting the finalists. New Energy Nexus will facilitate the process and conduct an initial due diligence check before the interview.
Will finalists have the opportunity to engage with LG Energy Solution for further investments or Proof-of-Concept projects?
Yes, finalists will have the opportunity to get possible further investments and Proof-of-Concept projects from LG Energy Solution. However, it’s not a guarantee. Further investment and Proof-of-Concept from LG Energy Solution will require an internal approval process and due diligence that is not part of the scope of the program.
What is the role of New Energy Nexus?
New Energy Nexus is the operating name of the California Clean Energy Fund and is the implementation partner for the LG Energy Solution Battery Challenge. More information can be found here
What if my question is still not answered in the FAQ?
If your question cannot be found in the FAQ, please contact So Hyun Kim sohyunkim@lgensol.com via email. We will reply as soon as possible.
When is the application deadline?
The application window opens on June 4, 2024 and closes on 11:59 PM June 30, 2024 (Pacific Time).
When should I be expected to find out if I am a finalist?
We will notify you by email around the mid of August if you have made it to the interview round. The selection of the finalists will be conducted around November.
Can I still apply if I don’t have a working prototype?
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 what associated challenges you are facing.
I am a later stage company. Can I still apply?
Yes. We encourage all companies or teams who see value in partnering with LG Energy Solution to apply. Please highlight why you are applying even though you may not be one of the targeted groups of startups.
I am a research team working in a university lab. Will I be able to apply?
It depends. If you are applying on behalf of a university lab, then that would be no. But LG Energy Solution does have other programs geared towards university/research lab – Battery Innovation Lab. More information can be found here. On the other hand, if you’re a researcher at a lab and has your own company working on a separate project, then yes.
What are the terms and conditions?
The terms and conditions can be found here.
Will we be signing NDA?
Yes. If you are selected as a one of the finalist candidates, we will be signing an NDA before the interview.
Is a video interview necessary during the selection process?
Yes. Once the application window closes, we will shortlist and contact the applicants to arrange a video interview. Interviews for this program will be conducted virtually.
For questions please email,
So Hyun Kim at sohyunkim@lgensol.com.
We will do our best to reply within 24 hours.
© 2024 LG ENERGY SOLUTION AND NEW ENERGY NEXUS
Contact
Email So Hyun Kim at
sohyunkim@lgensol.com
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