LG Electronics’ North American Innovation Center, also known as LG Nova, has forged a strategic partnership with the US state of West Virginia to advance technologies for renewable energy, health care and other future industries, the Korean tech giant said Thursday.

The two entities agreed to form an impact fund dubbed the Nova West Virginia Investment Fund to channel $700 million in project investment into the state over the next five years and grow related businesses.

The businesses developed by LG Nova are expected to create 275 jobs in West Virginia and spur the growth of new technologies, investments and economic development for companies and people in the area, the company explained.

“This is a tremendous day for our great state,” West Virginia Gov. Jim Justice said, announcing the collaboration plan at a culture center in the state's capital Charleston on Wednesday.

"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."

LG Electronics CEO Cho Joo-wan expressed the company's commitment to digital health care and clean tech solutions.

“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,” Cho said.

The Korean tech firm said the collaboration is not only aimed at boosting investment in future tech sectors, but also supporting regional growth and nurturing talent.

Established in 2021, LG Nova collaborates with startups and partners to build innovative ventures that have a positive impact on people and the planet.

Taking part in the CES 2024 tech show in Las Vegas next week, LG Nova will bring along 10 partner startups to present innovative technology ideas in the fields of digital health, clean tech, future tech and smart life, the company said. The exhibition booth, under the theme "Building a brighter tomorrow together," will open at the main venue's Eureka Park.