Korea SMEs and Startups Agency (KOSME) is joining hands with LG Energy Solution to embark on full-fledged steps to strengthen the foundation of Korea's battery industry and build a public-private cooperative co-growth model.
Korea SMEs and Startups Agency (KOSME) said on the 24th that on the 23rd it signed a "business agreement to strengthen the K-battery ecosystem" with LG Energy Solution at the LG Energy Solution Daejeon R&D Center in Yuseong-gu, Daejeon, and will accelerate a two-track co-prosperity program to respond to the reorganization of global supply chains and carbon emission regulations.
Following last month's preemptively launched non-partner-centered "K-battery open innovation" program, this agreement is significant in that it establishes a "public-private cooperative large-small co-growth model" by expanding support comprehensively to existing partners. Detailed cooperation measures will be advanced into a two-track structure that strengthens the internal supply chain (partners) while embracing external (non-partner) innovative technologies.
A "value chain stabilization track" will operate to stabilize the supply chains of existing partners. Based on KOSME's policy funds, co-growth network loans, and joint business conversion support, it will provide stable financing, while comprehensively linking workforce support programs such as the carbon neutrality support program (MRV) to respond to the recently highlighted Carbon Border Adjustment Mechanism (EU CBAM) for small and mid-size firms and the co-growth Tomorrow Filling Deduction, thereby backing partners' efforts to enhance global competitiveness.
The non-partner-centered "next-generation innovation discovery track," which began accepting applications last month and drew industry attention, will also gain further speed with this agreement. Through the "K-battery open innovation" program, the two institutions will provide joint proof-of-concept (PoC) and follow-up investment opportunities for the innovative technologies of promising startups discovered, and KOSME will support their scale-up in connection with its policy programs.
Ban Jeong-sik, regional innovation executive director at KOSME, said, "KOSME's corporate nurturing infrastructure and policy support capabilities will create powerful synergy with LG Energy Solution's global value chain," adding, "We will spare no effort to help this become the most exemplary success model of public-private collaboration by providing corporations opportunities to secure future innovative technologies and offering small and startup companies a ladder to leap onto the global stage."