SEOUL, South Korea--(BUSINESS WIRE)-- LG Chem (LG Chem, KRX: 051910) announced on January 20 that the company will host the third Global Innovation Competition (GIC) for world-renowned universities and research institutions.
As the first event of its kind in the Korean chemical industry, the Global Innovation Competition will invite major organizations around the world to discuss innovative ideas for sustainable technology.
The registration date for the contest is from January 25 to March 31. There are four categories: energy, sustainable development, advanced materials and digital transformation (DX).
According to the company's new vision of "connecting science and life to create a better future", two categories will be added this year: sustainable development and digital transformation.
The company sincerely invites all scholars and researchers who are interested in the development of a new generation of innovative technologies and industry-academic cooperative research to participate and submit their research proposals through the official GIC website. ( www.rnd.lgchem.com/global/gic )
LG Chem will form a jury composed of internal experts to evaluate the research plan in accordance with the company's sustainable development strategy and business plan.
The jury will also consider technological innovation, marketability and price competitiveness, and then select the shortlist. The company will notify the candidates on the list one by one in July.
The nominated universities and institutions will receive an annual R&D funding of US$150,000 during their respective projects, and will have the opportunity to obtain support such as the dispatch of researchers and technical exchanges.
Since LG Chem held its first Global Innovation Competition in 2018, the company has selected a total of 30 innovative research projects from well-known universities such as Harvard, Stanford, and Massachusetts Institute of Technology (MIT). The company has been supporting it in terms of project funding and technical exchanges.
Jiyung Yu, Chief Technology Officer of LG Chem, said: “The Global Innovation Competition is of great significance because it can provide opportunities for enterprise-academic cooperation to transform innovative R&D technologies into commercial technologies.”
Yu also said: "We will continue to carry out self-innovation, combining our own strength and external technology to attract future customers."