Sector News

Lotte Chemical to invest $3.8 billion in hydrogen business by 2030

July 18, 2021
Chemical Value Chain

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.

by Yonhap

Source: koreaherald.com

comments closed

Related News

September 25, 2022

France and Sweden both launch ‘first of a kind’ hydrogen facilities

Chemical Value Chain

France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).

September 25, 2022

NextChem announces €194-million grant for waste-to-hydrogen project in Rome

Chemical Value Chain

The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.

September 25, 2022

The problem with hydrogen

Chemical Value Chain

At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?