Lotte Chemical and the Sumitomo Corporation of Japan have agreed to work together to develop an environmentally friendly method of producing hydrogen and ammonia.
Through this agreement, the two companies will make joint investments in the production of clean hydrogen and ammonia in other countries, specifically in Australia and Chile. In addition, they will commercialize and jointly commercialize technologies that are related to clean hydrogen and ammonia, as well as make joint investments in ammonia terminals in Korea and Japan, as well as businesses that are related to carbon capture, storage, and utilization (CCUS). cooperation, etc.
Through this memorandum of understanding, Lotte Chemical and Sumitomo Corporation will strengthen their cooperation in the fields of clean hydrogen and ammonia production. This decision was made by Lotte Chemical and Sumitomo Corporation last month, and it will be the first time in the world that ammonia photolysis technology is demonstrated jointly.
On the basis of its core competencies, which include large-scale consumers, mass supply chain, and environmentally friendly technology, Lotte Chemical has established the goal of producing 1.2 million tons of clean hydrogen by the year 2030 through an investment of 6 trillion won. Additionally, the company intends to achieve sales of 5 trillion won by distributing and utilizing the hydrogen.
