Lotte Chemical to invest W4.4tr in hydrogen business by 2030

Lotte Chemical Co., a major South Korean petrochemical company, said Tuesday it will invest 4.4 trillion won ($3.8 billion) in the hydrogen business by 2030 to cut its carbon emissions and foster the new growth driver.

The petrochemical unit of Lotte Group said it aims to generate 3 trillion won in annual sales and achieve 10 percent of its operating profits from the hydrogen business over the next decade.

Lotte Chemical said it will pump out about 600,000 tons of clean hydrogen using its eco-friendly production technology, setting a goal of taking up 30 percent of the domestic hydrogen market by 2030.

The company plans to supply hydrogen to Lotte's logistics and retail affiliates, as well as fuel cell electric vehicles, to expand its presence in the domestic market.

To further boost demand in various industrial areas, the firm plans to build new hydrogen fuel cell power plants and hydrogen fueling stations across the nation by 2030.

Lotte Chemical said it will establish a comprehensive hydrogen value chain ranging from production, distribution and utilization to capture a bigger share of the zero-emission energy market. (Yonhap)