South Korea’s Lotte Chemical to invest $3.8 billion to produce hydrogen with recycled gas
Published 15 July 2021
Lotte Chemical Corp. will invest 4.4 trillion won ($3.8 billion) to produce 600,000 tons of hydrogen with recycled gas by 2030.
Also, Lotte Chemical aims to meet 30 per cent or one-third of domestic hydrogen demand and carbon neutrality objectives by 2030, through its hydrogen growth roadmap as per its ESG initiative Green Promise 2030.
To achieve this goal, Lotte Chemical plans to use the logistics and distribution infrastructure of Lotte Group, factory sites to apply hydrogen fuel cells and turbines and massive supply network like charging stations and power plants, the company said. It also is planning to focus on enhancing technical capabilities in hydrogen tank, carbon capture and thermal decomposition of green ammonia, it added.
Interest in usage of hydrogen has increased in the past few months. Recently, Keppel Data Centres entered into a Memorandum of Understanding (MoU) with four industry leaders to develop and supply liquefied hydrogen (LH2) for its data centres in Singapore.
Keppel, Linde Gas Singapore, Japan’s Kawasaki Heavy Industries and Mitsui O.S.K. Lines (MOL), and the Netherlands’ LNG Holding B.V. will jointly study the readability of establishing a LH2 supply chain.
By 2025, Lotte Chemical aims to produce 160,000 tons of blue hydrogen, which is created from natural gas with carbon capture and storage technology devouring the resulting carbon dioxide.
Similarly, South Korean refiner Hyundai Oilbank will work with Air Products & Chemicals Ltd., the world’s leading hydrogen supplier, to develop hydrogen technology and business models.
To lead the hydrogen project at home, the company will start operation of hydrogen fuel cell plant in Ulsan from 2024, build 50 liquid hydrogen charging stations by 2025 and add hydrogen charging facilities to up to 200 existing gas stations by 2030.