LG Chem has spend 1.1323 trillion won in research and development last year to develop new technologies such as batteries for premium electric vehicles (EV) and highly absorbent resins, the company said on its sustainability report published on Thursday.
The amount is over 4% of its annual sales, the South Korean chemical firm said.
LG successfully developed a battery that can help EV travel 400 kilometers after a 25 minute charge. The company also developed medicine to fight obesity and highly absorbent resins for ultra-thin diapers.
The company has accumulated 63,000 intellectual properties as if last year and 24,000 of them were related to batteries, LG Chem said.
It was also operating 130MWh worth of energy storage systems in its seven facilities in South Korea to protect environment. It reviewed energy usage of 57 of its subcontractors to together save 4.8 billion won in energy cost and reduced greenhouse gas emission by 11,000 metric tonnes.
LG Chem also said it will commence regular reviews of raw material suppliers to for sustainable growth. It will apply blockchain to secure transparency in its supply chain, it also said.
The company said it will also react to climate changes, innovate technology for customers and contribute to society through value-focused management.
It also reiterated its carbon neutral growth 2050 goal announced earlier. It will also reuse post consumer recycled resin and dead batteries.