The South Korean petrochemicals and energy solutions developer started receiving innovative ideas in the fields of petrochemicals, electronic batteries, advanced materials and biotechnology. Recruitment will run until Sept. 30.

Graduates and professional researchers in the aforementioned fields are eligible to apply for the contest via the firm’s homepage.

LG will select the most innovative ideas and viable technologies in December. Chosen teams will be offered up to $150,000 for research and development costs.

This year, LG Chem plans to invest its largest amount of 1.3 trillion won ($1.1 billion) in R&D and expand its related workforce from 5,500 to 6,200.

The company selected 17 teams that applied with new energy solution ideas and technologies at the first contest last year.