LG partnered with Nest Labs, a Google company, in July to develop Internet-connected home appliances. Similar to Nest, LG has been working on energy-efficient products and technologies, the company’s next-generation growth power devices.
The agreement, announced Tuesday, covers a range of products and technologies built on the two companies' existing patents and those they file over the next 10 years. Financial details of the deal were not disclosed, but the two companies did outline the agreement.
"LG values its relationship with Google, and this agreement underscores both companies' commitment to developing new products and technologies that enhance consumers' lives," said J.H. Lee, executive vice president and head of the LG Electronics Intellectual Property Center, in a statement.
The agreement will likely dismiss any potential patent lawsuits between the two companies similar to the costly legal battles between Apple and Samsung.
Google signed a similar agreement with Samsung earlier this year. The deal with Google and help LG strengthen its position in the marketplace against powerhouse Samsung.
LG Mobile, a business unit of LG Electronics, reported last month that Q3 2014 quarterly shipments rose 39% year-on-year to 16.8 million smartphone units and 16% sequentially. The company generated more than $4 billion in sales on operating income of $163.16 million.
The uptick in total shipments in North America rose by 39% sequentially thanks to the launch of G3 and stronger L-Series sales. Total shipments in the domestic market, Korea, fell by 22% QoQ due to weaker demand.