Koo Kwang-mo Invests in Canadian Lithium Extraction Company, Accelerating 'Cleantech' Growth

[Korea Financial Times, Kim JaeHun] LG Group Chairman Koo Kwang-mo has made his first investment in the cleantech sector this year. Cleantech is one of the future businesses Koo has personally selected, with cumulative investments exceeding KRW 100 billion to date.

According to industry sources on the 20th, LG Technology Ventures recently participated in a Series A investment round for ‘Summit Nanotech,’ a direct lithium extraction (DLE) company based in Calgary, Canada. While the exact investment amount has not been disclosed, Series A investments typically range between KRW 2 billion and KRW 10 billion.

Founded in Canada in 2018, Summit Nanotech is a cleantech company that extracts lithium from brine pools (salt lakes) using proprietary lithium adsorption technology and a data analytics platform. The extracted lithium is supplied to battery manufacturers, contributing to the development of an eco-friendly lithium supply chain.

Since taking office, Chairman Koo Kwang-mo has focused on fostering new future growth engines under the ‘ABC’ strategy—AI, Bio, and Cleantech. The cleantech sector, in particular, has seen active investment since last year, with total investments surpassing KRW 100 billion. Notably, cleantech accounts for approximately 20% of LG Technology Ventures’ total investments, making it the largest segment among the ABC businesses.

In his New Year's address, Koo emphasized the company’s commitment to innovation, stating, “The many seeds of innovation sprouting across our group—from AI and smart solutions to bio and cleantech—will bring value that puts smiles on the faces of our future customers.”

Previously, LG Group participated in a Series A investment for ‘Act Ion,’ a company specializing in high-performance single-crystal cathode materials. Other cleantech investments include ‘Powerline,’ an AI-based electricity trading firm; ‘Unigrid,’ a developer of high-energy-density sodium-ion batteries; and ‘Liminal Insight,’ a company specializing in ultrasonic battery quality inspection technology.

Kim JaeHun (rlqm93@fntimes.com)