In the early days, the in-house ventures have been operated under the supervision of the company’s chief strategy officer while receiving all-round support to help quickly establish the business infrastructure. Both KooRoo and AVEL highlight the opportunities for LG Energy Solution employees to explore new business ideas, and the company intends to continue to develop both its corporate culture and increase customer value through similar in-house ventures. “We will develop a system that can accurately predict the amount of renewable energy generation in the future and efficiently utilize and manage energy stored in ESS,” said Kim Hun-tae, head of AVEL. As the use of renewable energy can impact the stable operation of power grids during bad weather, AVEL’s ESS solution allows for energy to be stored safely and drawn upon when conditions interrupt power sources. “We are set to initiate developing exclusive BSS battery packs and stations and plan to build up the electric motorcycle ecosystem with the collected data.” AVEL, established last October, is seeking to run virtual power plants using energy storage devices (ESS) on Jeju Island.

“If the electric motorbike battery ecosystem grows, it will help delivery services, be eco-friendly, quiet and safe,' said Ahn Hong-duk, head of KooRoo. The service addresses a lot of the issues raised by electric vehicle users, including the long charge time, relatively short distance that can be traveled and high maintenance costs. KooRoo, established last year, is seeking to commercialize its battery swapping stations (BSS), which increase the convenience for users of electric motorbikes by allowing them to swap out a used battery for a fully-charged one rather than having to spend time charging the original battery. KooRoo’s battery swapping station LG Energy Solution is pushing ahead with its new businesses and focusing on future growth with in-house ventures KooRoo and AVEL, the battery manufacturing unit of LG Group said.

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