LG Chem announced that it will hold the ‘First Global Innovation Challenge (GIC)’ for startups all around the world, said the company.
GIC is a technology contest hosted by LG Chem for startups around the globe aimed at discovering outstanding innovative technologies.
With this GIC, LG Chem expanded its past open innovation involving industry-academic cooperation to global startups, and it plans to preemptive procure prospective future technologies and support its commercialization and quickly integrate it in actual businesses.
LG Chem will receive innovative technology ideas in a total of four sectors such as circular plastics, renewable hydrogen, carbon utilization, and sustainable battery materials from March 16 to May 1.
As per MRC, LG Chem Ltd., South Korean petrochemical major, has reported its 2021 net profit of 3.95 trillion won (USD3.3 billion), up 479.4% from a year earlier. The company said in a regulatory filing that operating income for the year rose 178.4% on-year to 5.02 trillion won. LG Chem's annual revenue increased by 41.9% to 42.65 trillion won.
As MRC reported before, LG Chem plans to shut down its naphtha cracker in the Korean city of Yeosu for a scheduled turnaround this year. Thus, LG Chem is expected to put its Yeosu naphtha cracker under scheduled maintenance sometime in the second half of 2022. LG Chem's Yeosu naphtha cracker can produce 1.16 MMtpy of ethylene.
LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.
mrchub.com