LG NOVA has entered a strategic partnership with West Virginia to invest in tech startups, aiming to stimulate economic growth in the region.
West Virginia and LG Electronics—parent company of LG NOVA, LG's North American Innovation Center—have launched a collaborative initiative designed to promote new business ventures. This effort focuses on advancing technology in renewable energy, healthcare, and emerging industries.
Led by LG NOVA, the initiative is expected to create 275 jobs in West Virginia, which is significant given the state's limited tech startup opportunities, primarily reliant on coal and traditional industries.
In addition to job creation, this partnership aims to foster pioneering technologies and economic expansion, establishing a new innovation corridor in the Appalachian region.
"It starts as a regional effort, but it's not just regional for West Virginia," said Sokwoo Rhee, executive vice president of innovation at LG Electronics and head of LG NOVA. "This is just the beginning of a much larger initiative. We see great potential in sectors like digital health and clean tech, and it's important to collaborate with organizations that have a broader reach."
Rhee highlighted that approximately 70% of West Virginia's hospitals are state-run, noting the West Virginia University Hospital System as one of the region's best. "Partnering with the state government allows us to deploy solutions that benefit both the business perspective and the residents of West Virginia," he stated.
Aligned with LG’s job creation goals, the NOVA West Virginia Investment Fund will inject $700 million into project investments over the next five years, designed to nurture economic growth within the state.
Since its establishment in 2021, LG NOVA has worked with startups to promote innovative ventures that benefit both humanity and the planet. Through initiatives like Mission for the Future and the Commercial Acceleration Program, LG NOVA actively engages with the innovation community for transformative global change.
West Virginia Governor Jim Justice praised the partnership's potential to generate employment opportunities and advance technology. "This is a tremendous day for our state," Justice said. "The collaboration with LG Electronics will create hundreds of good-paying jobs and help us build an innovation corridor in the Appalachian region."
William Cho, Global CEO of LG Electronics, expressed his enthusiasm for the partnership. "We are excited to support the Governor’s economic development initiative by building transformative new businesses in West Virginia," he stated, underlining LG's commitment to delivering impactful solutions in digital healthcare and clean technology.
Mitch Carmichael, Secretary of the West Virginia Department of Economic Development, echoed Governor Justice’s sentiments about the announcement spotlighting innovation in West Virginia.
"This development showcases the opportunities LG NOVA and LG Electronics are bringing to the Mountain State," Carmichael emphasized.
Rhee underscored the importance of collaboration with West Virginia, envisioning robust economic investments in Appalachian communities. He emphasized that the jobs created will be high-paying, knowledge-based positions for software and hardware engineers.
"Our aim is to establish a cycle of innovation that positions West Virginia alongside leading tech regions,” Rhee explained, noting the strong educational system can support a tech industry hub in the state. "We're planning to expand this initiative into the broader Appalachian region, including parts of Ohio, Maryland, and Virginia."
Part of the $700 million investment will target startups, with efforts also directed toward attracting funds from outside investors. LG could collaborate with other businesses to generate further investment in West Virginia.
"It may not be Silicon Valley yet, but it has the potential to become a regional tech hub," Rhee stated.
In its short three-year history, LG NOVA has partnered with eight startups in its inaugural year, followed by six more in the second year. LG assists these companies in achieving their business objectives.
The West Virginia program took about a year to establish. "This new collaboration model is mutually beneficial and represents the first of its kind. It's just the beginning of a long journey with West Virginia as a key partner, leading to even broader initiatives," Rhee concluded.
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