The State of West Virginia and LG Electronics announced a strategic initiative to grow new business ventures in West Virginia to advance the development of new technologies for renewable energy, healthcare and industries of the future.
The businesses, developed by LG NOVA, LG Electronics’ North America Innovation Center, are expected to bring 275 jobs to West Virginia and spur the growth of new technologies, investments and economic development for companies and people in the area, the start of an innovation corridor across the Appalachian Region.
Alongside LG’s jobs creation, NOVA West Virginia Investment Fund, an impact fund, plans to channel $700 million in project investments in West Virginia over the next five years to grow these businesses. The project investments will be used for development and growth in West Virginia.
Established in 2021, LG NOVA collaborates with startups and partners to build innovative ventures that have a positive impact on people and the planet. Through the Mission for the Future and its Commercial Acceleration Program, LG NOVA engages with the innovation community to create transformational positive change in the world.
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“This is a tremendous day for our Great State,” West Virginia Governor Jim Justice said. “This partnership with LG Electronics is a game-changer, and it’s going to create hundreds of good-paying jobs, spur investment in new technologies, and help us build an innovation corridor across the Appalachian region. I’m proud to work with LG to bring these new opportunities to West Virginia, and I can’t wait to show the world what West Virginians are capable of.”
“LG is glad to join the Governor’s West Virginia economic development initiative to bring new value to the state and its regional partners by building transformational new businesses,” said LG Electronics Global CEO William Cho. “LG is committed to delivering solutions for digital healthcare and cleantech that have impact on West Virginia and the rest of the world.”
“This is another spotlight on the innovation and advancement occurring in the great state of West Virginia,” West Virginia Department of Economic Development Secretary Mitch Carmichael said. “We are honored to share this economic development announcement highlighting LG NOVA, LG Electronics’ North America Innovation Center, and the job and career opportunities it will create in the Mountain State. We are here to support the entire LG team.”
“The opportunity to work with the West Virginia and the influential leaders in the region to grow our businesses is significant. Through the work we are doing, we get to create technologies and businesses that will help lead to transformational change, and we can make a difference and have an impact on the people of West Virginia, in the Appalachian Region and beyond,” said the head of LG NOVA Dr. Sokwoo Rhee, Executive Vice President of Innovation at LG Electronics.
This strategic initiative is part of an effort that extends beyond West Virginia to promote resilient economic investments in communities across the Appalachian Region with business leaders, public-sector innovators and universities.
SOURCE: PRNewswire