Lotte Chemical Co., a large petrochemical corporation in South Korea, plans to invest 4.4 trillion won ($3.8 billion) in the hydrogen business by 2030 in order to reduce carbon emissions and develop the new growth driver.
Over the next decade, Lotte Group’s petrochemical company said it aims to produce 3 trillion won in yearly sales and 10% of its operational profits from the hydrogen sector.
Lotte Chemical stated it will produce approximately 600,000 tons of pure hydrogen using its environmentally friendly manufacturing technology, with the goal of capturing 30% of the domestic hydrogen market by 2030.
To extend its domestic market presence, the company wants to supply hydrogen to Lotte’s logistics and retail affiliates, as well as fuel cell electric automobiles.
To further stimulate demand in various industrial sectors, the company intends to establish new hydrogen fuel cell power plants and hydrogen fuelling stations around the country by 2030.
Lotte Chemical will develop a comprehensive hydrogen value chain, encompassing production, delivery, and consumption, in order to increase its share of the zero-emission energy market.