LG NOVA has teamed up with the state of West Virginia in a $700 million investment initiative to support technology startups and drive economic growth. The collaboration aims to foster new business ventures and advance developments in renewable energy, healthcare, and other emerging industries.
Under the leadership of LG NOVA, these new enterprises are projected to create 275 job opportunities in West Virginia. While this may not seem like a large number, it holds significance for the state, which currently has few tech startup jobs due to its reliance on industries such as coal.
Beyond job creation, the partnership intends to serve as a catalyst for technological advancements, investments, and economic expansion. The initiative envisions the establishment of an innovation corridor across the Appalachian region.
Sokwoo Rhee, Executive Vice President of Innovation at LG Electronics and head of LG NOVA, emphasized the importance of collaborating with organizations that have a broader reach and noted the opportunities presented by West Virginia’s healthcare system. Rhee highlighted the potential for LG’s advanced technologies to support residents and the benefits that the state would gain from being an early adopter.
Aligned with LG’s commitment to job creation, the NOVA West Virginia Investment Fund, which focuses on impact investing, plans to invest $700 million in projects within the state over the next five years. These substantial investments aim to nurture growth and development in West Virginia.
Established in 2021, LG NOVA collaborates with startups and partners to cultivate innovative ventures that have a positive impact on humanity and the planet. Through their Mission for the Future and Commercial Acceleration Program, LG NOVA actively engages with the innovation community to drive transformative changes globally.
West Virginia Governor Jim Justice praised the partnership, acknowledging its potential to generate employment opportunities, drive technological advancements, and strengthen the innovation corridor in the Appalachian region.
William Cho, LG Electronics Global CEO, expressed gratitude to Governor Justice and his team for their collaboration and emphasized LG’s commitment to building a better future through this partnership.
Mitch Carmichael, Secretary of the West Virginia Department of Economic Development, echoed Governor Justice’s sentiments, highlighting the economic development opportunities and job prospects that LG NOVA’s presence will bring to the state.
Rhee emphasized that this strategic alliance extends beyond West Virginia, with plans to expand into the broader Appalachian region, covering states such as Ohio, Maryland, and Virginia. He highlighted the potential to create a tech industry hub in West Virginia, leveraging the state’s strong education system.
LG NOVA has been operating for three years and has partnered with several startups to help them achieve their business objectives. The West Virginia program took approximately a year to launch and represents a new collaboration model with wide-ranging benefits and a larger scope.
The partnership between LG NOVA and West Virginia demonstrates a commitment to innovation, economic growth, and job creation. By investing in technology startups and fostering an ecosystem of collaboration, LG and the state aim to drive positive change within West Virginia and the wider Appalachian region.
