To Secure Advanced Hydrogen-related Technologies
Lotte Chemical will invest in the world's largest hydrogen fund to expand its hydrogen business.
The company will participate in a clean hydrogen infrastructure fund, which was recently established by French hydrogen company Air Liquide and petrochemical company TotalEnergies.
The two French companies recently decided to create a 1.5 billion-euro hydrogen fund to strategically invest in hydrogen storage distribution infrastructure, hydrogen cars and renewable energy-related hydrogen production projects around the world. The two companies are also co-chairs of the Hydrogen Committee, a global corporate consultative body launched by the 2017 World Economic Forum.
Recently, Air Liquide announced that Lotte Chemical is one of the eight major investors, which included global insurance financial group AXA and U.S. hydrogen fuel cell company Plug Power.
Lotte Chemical is expected to invest 100 million euros (about 140 billion won) in the fund. It is the only Asian company that participates in the fund.
Lotte Chemical announced an eco-friendly hydrogen strategy roadmap in July. Since then, the company has reportedly received requests from Air Liquide and others to participate in the fund. It plans to invest a total of 4.4 trillion won to achieve carbon neutrality in 2030 and meet 30 percent of Korea’s hydrogen demand.
Lotte Chemical is expected to be able to secure hydrogen-related technologies and a hydrogen value chain through its participation in the fund. It will also help the company realize its hydrogen vision.