[Top 10 News of LG Chem 2024] Building Up a Sustainable Future Through Innovation and Challenge
2025. 01. 07
As we step into 2025, we take a moment to reflect on the year gone by and the journey we’ve traveled. Just as the seasons change, LG Chem has adapted and evolved with the world around us. While welcoming a new year is one thing, looking back and summing up the past is another. The lessons we’ve learned along the way will light the path forward, guiding us into the future we will face tomorrow.
Today, LG Chem is highlighting the key moments of LG Chem in 2024, presenting the Top 10 News that shaped the year.
With his appointment as a member of the World Economic Forum (WEF, Davos Forum) International Business Council (IBC), LG Chem CEO Shin Hak-Cheol was named the Top 100 Economic Leaders of the world. At the Davos Forum, CEO Shin discussed strategies for collaboration on major global issues, including the supply chain, sustainable energy, and the climate crisis. CEO Shin met with key global customers to reinforce LG Chem’s three new growth engines: eco-friendly business, battery materials, and life sciences. Additionally, he participated in various sessions, including the Climate Leaders Union, seeking practical solutions to the climate crisis. CEO Shin commented, “Through the Davos Forum, LG Chem will collaborate with stakeholders worldwide and continue our sustainable growth, ensuring that our customers experience differentiated value.”
> Learn more about CEO Shin Hak-Cheol’s listing in ‘The World’s Top 10 Economic Leaders’
LG Chem signed a contract with Italy’s energy supplier ENI to establish a joint venture (JV) for the production of next-generation bio oil (HVO, Hydrotreated Vegetable Oil). By 2026, the two partners plan to construct an HVO plant at LG Chem Daesan plant, with an annual capacity of 300,000 tons, making it the largest in Korea. Made from vegetable-based raw materials, such as waste cooking oil, HVO has a variety of applications, including eco-friendly aviation fuel and diesel, and its global demand is rapidly increasing. By utilizing HVO, LG Chem has expanded their eco-friendly plastic products, with over 50 products having their sustainability verified through ISCC Plus certification.
> Learn more about the establishment of an HVO joint venture with ENI
LG Chem has signed an $18 billion-scale cathode supply contract with North America’s GM. Under the agreement, LG Chem will provide over 500,000 tons of cathode materials by 2035, enough to cover approximately 5 million electric vehicles. Starting in 2026, the cathode materials will be produced locally at LG Chem’s Tennessee plant in North America. Through this partnership with GM, LG Chem aims to strengthen their local supply chain in North America and meet the requirements of the ‘Inflation Reduction Act (IRA).’ With an annual production capacity of 60,000 tons, LG Chem Tennessee will be the largest cathode plant in the U.S., and is targeting world-class manufacturing competitiveness.
> Learn more about the cathode supply contract with GM
‘EuDi,’ LG Chem’s application for growth-hormone intake management, won the Main Award at the 2024 iF Design Award in the User Experience (UX) sector. The iF Design Award is a globally recognized design competition, on par with Germany’s Red Dot and America’s IDEA. EuDi is an application that gamifies injection therapy, turning it into a fun experience for young patients. It offers features like ‘Build My Own Character’ and ‘Collect Mission Badges.’ LG Chem focused on enhancing the app’s details to provide an innovative user experience throughout the therapy. The iF Award judges highly praised EuDi’s customized user experience for children, recognizing its potential to transform a lengthy treatment journey into an enjoyable one.
> Learn more about EuDi, winner of the iF Design Award
By supplying 18,000 Reverse Osmosis (RO) Membranes to Morocco’s Jorf Lasfar Industrial Complex, LG Chem plans to desalinate 90 million tons of seawater annually, providing clean water to approximately 1.9 million people. The water desalinated using LG Chem’s membranes will be used both as industrial water for fertilizer production and as drinking water for local residents. The supply volume will increase in the future. LG Chem’s reverse osmosis membranes are based on nanocomposite technology, maintaining a high salinity removal rate while producing 20% more water, along with excellent energy-saving effects. This project is expected to help LG Chem reinforce their leading position in the Mediterranean market and contribute to providing a sustainable water supply solution. LG Chem currently produces 1.86 tons of desalinated water annually, providing 46 million people with water for domestic use.
> Learn more about LG Chem’s reverse osmosis membranes
LG Chem CEO Shin Hak-Cheol became the first Korean entrepreneur to serve as the Co-Chair of New Champions at the World Economic Forum (WEF), in which he discussed future agenda including energy transition and carbon neutrality with global leaders. CEO Shin delivered a keynote speech on next-generation battery materials technology and sustainable growth strategies, followed by a solo speech in the AI, energy, and healthcare startup session. Since leading the Chemical and Advanced Materials Industry Coalition, the WEF has again appointed CEO Shin as the Co-Chair of the New Champions Forum, recognizing his leadership in the industry. Through cooperation with Chinese government officials and global business leaders, CEO Shin explored strategies to address the climate crisis and achieve sustainable growth.
> Learn more about CEO Shin Hak-Cheol’s article for the WEF
LG Chem adopted recycled plastics to create a PFAS-Free Flame-retardant PC/ABS, which obtained V-0 Grade in North America’s UL94 flame-retardancy test. PFAS has a harmful effect on the environment, so LG Chem focused on realizing excellent flame-retardancy without using it. The new PC/ABS cuts down 46% of the carbon footprints and will be applied to various fields, including electronics, chargers, and construction materials. LG Chem’s research of PFAS-free materials is still ongoing, to accelerate their transition to eco-friendly products.
> Learn more about the development of flame-retardant materials using recycled plastics
Starting from last year, LG Chem has been carrying out a ‘seagrass colony restoration project’ near Daekyeong-do of Yeosu, Korea, transplanting seagrass to help enlarge its colony. As of this year, the seagrass colony has expanded by 2.8 ha, enough to absorb 1,400 tons of carbon. What’s more, the population density of organisms in the area has increased to the similar level as a natural colony, providing home to 56 types of species including seahorses. By 2026, LG Chem plans on growing the size of this seagrass colony to 10 ha.
> Learn more about recent stories of the Yeosu seagrass colony after its restoration
LG Chem has developed a new material to suppress battery thermal runaway, preventing battery fires. The new material prevents fires by raising its electrical resistance with temperature, blocking the electrical current like a fuse. It has passed battery impact and penetration tests, proving its fire-prevention effects. The new battery thermal runaway suppression material is scheduled to be applied to EV batteries by next year.
> Learn more about the battery thermal runaway suppression material
LG Chem’s eco-friendly plastic packaging technology won the President’s Award at the 2024 Korea Industrial Technology R&D Expo. The ‘Biaxially-oriented Polyethylene (BOPE)’ is a single material of high strength and transparency, allowing for convenient recycling. With less environmental impact than the conventional compound plastics, it can be applied to detergent refills and pet-food pouches. LG Chem’s BOPE is looking to expand its application, in line with the strengthened environmental regulations in developed countries. Choi Yi-Yeong from LG Chem’s research lab stated that the company plans to continue research on eco-friendly and recyclable materials.
> Learn more about LG Chem’s BOPE
Looking back on the key issues of 2024, LG Chem is reminded of all the events the company came through over the past year. From moments of change to new challenges, these achievements were possible because the entire LG Chem family worked together.
In the coming 2025, LG Chem will continue its efforts to achieve even greater growth and inspire others. The company sincerely thanks everyone who has supported LG Chem this year, and requests your continued interest and support in the future.
Excellent achievements by my great company