Partnership for Hydrogen Business
Lotte Chemical and Sumitomo Corp. have signed a memorandum of understanding (MOU) for cooperation in the hydrogen business.
A signing ceremony was held via a video conferencing system on Sept. 29 in the presence of Hwang Jin-koo, CEO of the basic materials business and head of the hydrogen energy business division at Lotte Chemical, and Shingo Ueno, vice president and head of Energy Innovation Initiative at Sumitomo Corp.
Through this agreement, the two companies will jointly produce clean hydrogen and ammonia in foreign countries such as Australia and Chile, commercialize clean hydrogen and ammonia production technologies, invest in ammonia terminals in Korea and Japan, and promote businesses related to carbon capture, utilization and storage (CCUS).
Lotte Chemical and Sumitomo joined hands in August to jointly demonstrate the world’s first ammonia photolysis technology with Syzygy of the United States.
Lotte Chemical also built a cooperative relationship with Itochu Corp. of Japan in July. Through cooperation with Japan’s leading trading companies, the companies intends to generate synergies in securing a stable supply of hydrogen and ammonia in East Asia and beyond.