Betting on Hydrogen, Batteries and Mobility
Lotte Group is set to expand investment in new growth engines, including hydrogen, batteries, and mobility, as part of its efforts to upgrade its business portfolio.
The group held the Value Creation Meeting (VCM) on July 1 to discuss the direction of its strategies for the second half of the year. "The future cannot be found in an extension of the past," chairman Shin Dong-bin said at the meeting, calling on heads of Lotte affiliates to take bold steps from a future perspective.
Lotte Chemical announced on July 13 that it will supply 30 percent of domestic hydrogen demand by 2030, It unveiled "Every Step for H₂,” a roadmap for eco-friendly hydrogen-powered growth. The chemical company plans to attain 3 trillion won in sales by investing 4.4 trillion won step by step by 2030.
Lotte Chemical plans to produce 160,000 tons of blue hydrogen by applying carbon capture technology to by-product hydrogen, which is being produced by the company, by 2025. By 2030, the company will complete a green hydrogen value chain to produce 600,000 tons of clean hydrogen, which breaks down to 160,000 tons of blue hydrogen and 440,000 tons of green hydrogen.
Lotte Chemical is also planning to actively engage in the battery business. In May, it has decided to build production facilities for EC and DMC, which are electrolyte organic solvents for electric vehicle batteries, at Daesan Plant by the second half of 2023. The company has been continuing to develop technologies related to electrolyte materials, and plans to contribute to the localization of materials as well as boost its business competitiveness.
The future mobility business is also an important new growth driver. Lotte Data Communication was allowed to operate a self-driving shuttle without a driver's seat temporarily in Sejong City in June. The IT company plans to further upgrade vehicles through shuttle tests, research and pilot services in self-driving car test zones in Sejong City with the Korea Transport Institute. It will also actively participate in demonstration projects in the future and speed up the commercialization of the public self-driving shuttle.