SMBC and LG Energy Solution Join Forces to Strengthen the K-Battery Ecosystem

Stabilizing Supply Chains and Responding to CBAM

Comprehensive Support for Open Innovation and Technology Verification

The Small and Medium Business Corporation is joining forces with LG Energy Solution to strengthen the foundation of South Korea's battery industry and to establish a mutually beneficial growth model based on public-private cooperation.

On June 24, the Small and Medium Business Corporation announced that it has signed a "Business Agreement for Strengthening the K-Battery Ecosystem" with LG Energy Solution, and will accelerate the implementation of a two-track (2-Track) win-win program to respond to global supply chain restructuring and carbon emission regulations.

On the 23rd, Banjung Sik, Regional Innovation Director of the Small and Medium Business Corporation (right), and Kim Jeyoung, CTO of LG Energy Solution, are taking a commemorative photo. Small and Medium Business Corporation

Under this agreement, a "Value Chain Stabilization Track" will be operated to ensure the stability of existing partner companies' supply chains. The Small and Medium Business Corporation will provide stable financing through policy funds, co-growth network loans, and support for joint business transitions. The Corporation also plans to comprehensively connect programs such as the MRV (carbon neutrality support program) and the win-win type Naeil Chaeum Mutual Aid, which support responses to the EU Carbon Border Adjustment Mechanism (CBAM), a pressing issue for small and medium-sized enterprises. Through these efforts, the Corporation aims to enhance the global competitiveness of partner companies.

In addition, the "Next-Generation Innovation Discovery Track," which began soliciting applications in May and is focused on non-partner companies, is expected to gain further momentum with this agreement. Through the "K-Battery Open Innovation" program, both parties will jointly conduct technology verification (Proof of Concept, PoC) and provide follow-up investment opportunities for promising startups with innovative technologies. The Small and Medium Business Corporation will also support these companies' scaling up by linking them to policy initiatives.

Ban Jeongsik, Regional Innovation Director at the Small and Medium Business Corporation, stated, "The Corporation's business development infrastructure and policy support capabilities, combined with LG Energy Solution's global value chain, will create a powerful synergy. We will spare no effort in supporting large corporations with opportunities to secure future innovative technologies and providing small and medium-sized businesses with a ladder to the global stage, making this a best-practice model of public-private collaboration."

This content was produced with the assistance of AI translation services.