Lotte Chemical (a part of South Korean Lotte Group responsible for hydrogen energy) has announced to invest around €100 million in Clean H2 Infrastructure Fund.
Lotte Chemical is the only Asian chemical company that participates as a key investor and plans to identify global hydrogen technology trends, seek new investment opportunities in related industries, and lead the development of the domestic hydrogen industry.
Shin Dong-bin, Lotte Group Chairman, said, “To achieve carbon neutrality by 2040, we are building cooperative relationships with various global companies and making great efforts to strengthen the hydrogen capabilities of group affiliates.”
Lotte Chemical has been working for advancing the hydrogen market. In July, it released an eco-friendly hydrogen growth roadmap, ‘Every Step for H2’, to support supplying 30% of domestic hydrogen demand along with achieving carbon-neutral growth.
In partnership with Air Liquide Korea, Lotte Chemical invested in building a new high-pressure hydrogen shipping centre and hydrogen charging station using by-product hydrogen and signed a business agreement to expand the development of the mobility market nationwide, starting with the metropolitan area.
With Air Lane, Lotte Chemical installed a carbon capture and utilisation technology demonstration facility using a gas separation membrane for the first time in the domestic chemical industry at Yeosu Plant 1. It also signed an agreement with Samsung Engineering for joint participation in various sectors, including carbon capture and utilisation technology development, green hydrogen business and technology licensing at domestic and overseas business sites.