Lotte Chemical class SK gas and Air Liquid Korea announced the completion of the creation of a joint venture for the business of transportation hydrogen and by-product hydrogen-based power generation.
In September, the joint venture, known as “Lotte SK Enerute Co., Ltd.,” received clearance for the business combination in five domestic and international jurisdictions and verified its name and co-CEO.
Lotte SK Enerute, the recently verified mission, is described as “a corporation that is like a robust and unbreakable root of the new future energy sector.”
The first co-CEOs were named Shim Young-seon, vice president of SK Gas’ hydrogen business, and Kim Yong-hak, head of Lotte Chemical’s hydrogen energy business division.
Lotte SK Enerute intends to launch its first project, a by-product hydrogen fuel cell power plant, in the first half of 2025 by investing around 300 billion won in a 3,700 pyeong location of Lotte Chemical’s Ulsan factory. In order to do this, it intends to submit an application for a license for the business of fuel cell power generation in October of this year.
This power station has a yearly capacity to generate 500,000 MWh of electricity. Based on a four-person home, this is the total annual power consumption for 120,000 households.
For the combined growth of the clean hydrogen/ammonia business internationally, Korea Midland Power and the trade division of Samsung C&T inked a business agreement.
With the help of this agreement, the two businesses will concentrate on Australia, a country with a wealth of renewable energy resources and clean hydrogen/ammonia production infrastructure, in order to share information about clean hydrogen/ammonia projects, jointly develop and invest in clean hydrogen/ammonia projects abroad, and promote the domestic introduction and use. We have made the conscious decision to actively collaborate in order to find the best solutions for every step of the process, from the production of renewable energy to the timely introduction of clean hydrogen and ammonia at competitive prices, including the review of joint procurement plans, to their introduction and domestic use.
