LG Electronics said Thursday it will unveil its new smartphone based on the 5G network with a longer battery life and better cooling mechanism during the Mobile World Congress (MWC) in Spain.

The company will host a media event in Barcelona on Feb. 24.

The announcement came a day after LG said it will show off its latest flagship smartphone, the G8 ThinQ, with a new interface on the eve of the MWC.

"We will showcase the 5G smartphone to attendees of the MWC," LG Electronics said in a release. "In light of the global mobile event, we will beef up efforts to target the global premium market."

Qualcomm's latest Snapdragon 855 chipset will power the 5G-enabled phone to support simultaneously high-resolution games and data-heavy applications without latency, the company said.

LG also adopted the vapor chamber technology to better disperse heat from the device and installed 4,000 mAh batteries for a longer operation time.

The smartphone's new heat pipe has 2.7 times more surface area than the LG V40 ThinQ which will lead to faster heat absorption and cooling effect.

According to reports, LG is expected to showcase a dual connected display screen at the MWC, joining the race to target the high-end market with new form factors. Its local rival Samsung Electronics is expected to take the wraps off its first foldable phone in the coming weeks, with China's Huawei taking a similar step.