According to PR Newswire, the South Korean company hopes to gather together startups that can bring new technologies in the energy sector, such as energy storage solutions for renewables.

This year's edition of the Battery Challenge will be focusing on three areas, battery technologies on materials, management and control and smart factory.

LG will select as many as ten finalists who will be receiving prizes of 1 million dollars in total and the opportunity to work with LG's research team.

Youngjoon Shin, CTO of LG Energy Solution, said that "by utilizing programs like Battery Challenge and Open Innovation, LGES aims to maintain its leading position in the battery industry."

"LGES will continue to expand battery-related research with promising start-ups as well as distinguished scholars and academic organizations around the world."

Startups interested in participating can send applications until September 16th on the competition's official site.