Samsung SDI is expected to spin off its chemical division into a separate company, tentatively called “SDI Chemical Corporation,” and sell it to Lotte Chemical.
The company officially announced on Nov. 13 that it will hold a shareholder meeting related to the spin off of its chemical unit into the separate company on Jan. 25 next year. Under the Big Deal agreement with Lotte on Oct. 30, the Lotte Group will acquire all of the stakes in SDI Chemical Corp., which is to be founded on Feb. 1 next year.
An official from Samsung SDI stated the purpose of the spin-off, saying, “We are seeking to advance the business structure by improving profitability of the chemical business division, specializing all business divisions and strengthening core abilities.”
Meanwhile, employees of Samsung SDI, which have the most employees and executives among Samsung Group’s three chemical subsidiaries that are scheduled to be taken over by Lotte, organized an emergency planning committee related to the acquisition on Nov. 11, raising the voice of opposition. It stands in contrast to the fact that Samsung Fine Chemicals formed a joint emergency planning committee between management and labor earlier and announced to accept the sale. However, there is an overriding prediction that it formed the emergency planning committee for negotiations.
Source: Business Korea
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).
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.
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?