LG is accelerating its efforts to foster the cleantech sector by investing in a Canadian lithium extraction company.
According to industry sources on the 19th, LG Technology Ventures recently invested in the Series A (early-stage investment) round of the Canadian lithium extraction company 'Summit Nanotech.' Although the exact investment amount has not been disclosed, Series A investments are generally known to range between 2 billion and 10 billion KRW.
Employees are heading to work at the LG Group headquarters in Yeouido, Seoul. Photo by Kang Jin-hyung
Founded in 2018, Summit Nanotech supplies extracted lithium to battery manufacturers and mineral resource companies through lithium adsorption technology and data analysis platforms.
At the end of last year, LG Technology Ventures also made a Series A investment in 'Actaion,' a cleantech company that efficiently produces high-performance single-crystal cathode materials.
LG is focusing on the so-called 'ABC' sectors?Artificial Intelligence (AI), Bio, and Cleantech?as future growth engines, conducting research and development (R&D) and investments accordingly.
In his New Year's address this year, Koo Kwang-mo, Chairman of LG Group, emphasized, "The many seeds of innovation sprouting throughout the group?from AI and smart solutions to bio and cleantech?will become valuable assets that bring smiles to future customers."
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