Gov. Justice announced this week that the State of West Virginia and LG Electronics are launching a strategic initiative to grow new business ventures in West Virginia and advance the development of technologies for renewable energy, healthcare, and industries of the future.
The businesses, created by LG NOVA, LG Electronics’ North America Innovation Center, are expected to bring 275 high-skilled jobs to West Virginia and spur the growth of new technologies, investments, and economic development for companies and people in the area, establishing the start of an innovation corridor across the Appalachian Region.
Alongside LG’s jobs commitment, an investment fund is being created with plans to invest $700 million in West Virginia over the next five years to grow these businesses.
Established in 2021, LG NOVA collaborates with startups and partners to build innovative ventures that positively impact people and the planet. Through the Mission for the Future and Commercial Acceleration Program, LG NOVA engages with the innovation community to create transformational positive change in the world. As a part of the collaboration with the West Virginia Department of Economic Development, LG NOVA plans to establish branch offices in Huntington, home of Marshall University, and Morgantown, home of West Virginia University.
“This is a tremendous day for our Great State,” Gov. 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,” LG Electronics Global CEO William Cho said. “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,” the head of LG NOVA Dr. Sokwoo Rhee said, Executive Vice President of Innovation at LG Electronics.
This strategic initiative extends beyond West Virginia through collaboration to promote resilient economic investments in communities across the Appalachian Region with business leaders, public-sector innovators, and universities.