LOTTE Chemical announced the ‘2030 Hydrogen Growth Roadmap’ to Lead Eco-friendly Hydrogen Production, Distribution, and Application.
■ To invest 4.4 trillion KRW gradually until 2030 to realize about 3 trillion KRW in revenue.
■ To produce 600,000 tons of clean hydrogen to pioneer hydrogen economy in Korea with emphasis on ‘pure hydrogen production,’ ‘hydrogen application business, and ‘hydrogen technology development.’
■ To balance the core capacities in ‘large-sized consumers’, ‘large-scale supply network’, and ‘eco-friendly technology.’
■ ”Upon the emergence of the era of green hydrogen, we will supply our green hydrogen to the existing supply network so the consumers can utilize it at the right place at the right time for eco-friendly consumption with no worry of carbon,” said President Jin koo Hwang of LOTTE Chemical’ Basic Material Division. “We hope that the ecosystem of green circulation led by LOTTE Chemical would contribute to our eco-friendly life of abundance.”
LOTTE Chemical announced on the 13th ‘Every Step for H2,’ the eco-friendly hydrogen growth roadmap mainly conveying the determination to supply 30% of hydrogen consumed in Korea along with the achievement of carbon neutralization growth by 2030. LOTTE Chemical will invest approximately 4.4 trillion KRW gradually until 2030 to realize about 3 trillion KRW in revenue and 10% ratio of operating gain to revenue.
Last February, LOTTE Chemical’ BU declared ‘Green Promise 2030,’ the ESG Management Strategies and Eco-friendly Objectives on response to climate crisis, green ecosystem, vital cycle of resources, and eco-friendly business. The recently announced hydrogen roadmap has embodied the hydrogen-related objectives and directions to realize carbon neutralization by 2040 following the carbon neutralization growth by 2030, reduce materials with environmental impact, and increase the revenue of eco-friendly business.
LOTTE Chemical is planning to realize the hydrogen roadmap based on the core capacities in ▲ large-sized consumers, ▲ large-scale supply network, and ▲ eco-friendly technology.
Specifically, LOTTE Group has large-sized consumers that can use its logistics and distribution infrastructures and fuel cells and turbines within the properties and large-scale networks to supply hydrogen to charging stations and power plants in large amounts. They will also further develop the eco-friendly technical capacities related to hydrogen tanks, carbon collection technology, and thermal decomposition of green ammonia.
Based on these core capacities, they will pioneer ▲ pure hydrogen production, ▲ hydrogen-related business, and ▲ development of hydrogen technologies.
First of all, they will pioneer pure hydrogen production to produce 600,000 tons of pure hydrogen by 2030. In addition to the by-production hydrogen in production, they will use the carbon collection technology to produce 160,000 tons of blue hydrogen by 2025. In 2030, the green hydrogen value chain will be completed to produce a total of 600,000 tons of pure hydrogen mixing the blue hydrogen (160,000 tons) and green hydrogen (440,000 tons).
They will also haul the hydrogen application businesses in Korea. In 2024, they will start operating a fuel cell power plant in Ulsan. Fifty liquid hydrogen charging stations will be constructed by 2025 and complex charging stations will be expanded to 200 by 2030 to contribute to the formation of hydrogen mobility ecosystem in Korea. Also, fuel cell power plants and hydrogen turbine power plants will be introduced to operate eco-friendly plants with carbon-reduced power source.
The capacities will lay the foundation for the development of hydrogen technology. Hydrogen-storing high-pressure tanks will be developed to mass-produce 100,000 hydrogen tanks by 2025 and the number will be increased to 500,000 tanks by 2030 to apply to hydrogen-powered passenger and commercial vehicles. The CCU/CCS technology will gradually be applied to contribute to carbon neutralization and thermal decomposition of ammonia and green hydrogen production technology will be developed.
“In the perspective of preemptive investment, we are determined to build the infrastructure in the early stage to stay ahead of the game,” said said President Jin koo Hwang of LOTTE Chemical’ Basic Material Division. “Upon the emergence of the era of green hydrogen, we will supply our green hydrogen to the existing supply network so the consumers can utilize it at the right place at the right time for eco-friendly consumption with no worry of carbon.” He added, “We hope that the ecosystem of green circulation led by LOTTE Chemical would contribute to our eco-friendly life of abundance.”