Lotte Chemical Co., a major South Korean petrochemical company, said Tuesday it will invest 4.4 trillion won ($3.8 billion) in the hydrogen business by 2030 to cut its carbon emissions and foster the new growth driver.
The petrochemical unit of Lotte Group said it aims to generate 3 trillion won in annual sales and achieve 10 percent of its operating profits from the hydrogen business over the next decade.
Lotte Chemical said it will pump out about 600,000 tons of clean hydrogen using its eco-friendly production technology, setting a goal of taking up 30 percent of the domestic hydrogen market by 2030.
The company plans to supply hydrogen to Lotte’s logistics and retail affiliates, as well as fuel cell electric vehicles, to expand its presence in the domestic market.
To further boost demand in various industrial areas, the firm plans to build new hydrogen fuel cell power plants and hydrogen fueling stations across the nation by 2030.
Lotte Chemical said it will establish a comprehensive hydrogen value chain ranging from production, distribution and utilization to capture a bigger share of the zero-emission energy market.
Eastman is investing up to US$1 billion in building what it says is the world’s largest molecular plastics recycling facility in France. The new facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste annually – enough plastic waste to fill Stade de France national football stadium 2.5 times.
Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.
The SHYNE (Spanish Hydrogen Network) project is the largest multisectoral consortium in Spain, created to promote the decarbonization of the economy through renewable hydrogen. SHYNE will have a total investment of €3.23 billion euros that will serve to develop more competitive technologies and evolve both the Spanish industry and its infrastructure towards decarbonization, generating more than 13,000 jobs.