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LOTTE Chemical - Air Liquide Korea Establishes Joint Venture to Construct Hydrogen Supply Chain

2022.04.29


LOTTE Chemical - Air Liquide Korea Establishes Joint Venture to Construct Hydrogen Supply Chain 


lotte chemical


█ Investment in large-scale hydrogen shipping center in Daesan and Ulsan...

    Creating supplementary synergy using the strengths of the two companies

█ LOTTE Chemical Basic Materials Business President Hwang Jin-koo, “We will contribute to the establishment

    of a hydrogen ecosystem together with Air Liquide based on the production knowhow that we have built thus far and

    operational experience of 26 production bases in 22 countries”

█ Air Liquide Korea President Guillaume Cottet, “Through this new joint venture that combines the strengths

    of our two companies, we will construct a competitive hydrogen supply chain for Korea’s hydrogen clean mobility market

    in the future”


LOTTE Chemical and Air Liquide Korea will establish a joint venture to construct a hydrogen supply chain. This is the first real step for this project since entering the hydrogen business cooperation MOU in May of last year.


The two companies signed an agreement for the establishment of the joint venture with the attendance of LOTTE Chemical Basic Materials Business President Hwang Jin-koo, Air Liquide Korea President Guillaume Cottet, and other executives and employees of the two companies at LOTTE World Tower on the 29th. The joint venture will be established by Air Liquide Korea and LOTTE Chemical investing shares at a ratio of 60:40. The name of the joint venture has not yet been determined, but businesses are scheduled to be carried out after the establishment of the joint venture in July after completing corporate merger reports and approval from the Fair Trade Commission.


This JV will invest in two large-scale hydrogen shipping centers in Daesan and Ulsan using LOTTE Chemical’s by-product hydrogen, and it will be in charge of shipping hydrogen to the Seoul area and Yeongnam area. Starting with this, LOTTE subsidiaries and others will develop and expand the hydrogen mobility market to meet nationwide demands.


Through this JV, LOTTE Chemical and Air Liquide Korea will utilize the strengths of the two nations to create mutually supplementing synergy. Based on its accumulated knowhow, LOTTE Chemical will provide by-product hydrogen generated from its plants in Daesan and Ulsan, while strategically attracting shipping centers to respond to the demand for hydrogen vehicles. Air Liquide Korea will offer its extensive experience in the global hydrogen market and specialized technologies on hydrogen shipping centers and distribution to construct a hydrogen supply chain for the transportation market. 


This joint venture is expected to provide detailed solutions to resolve the urgency related to climate change and energy conversion, while expanding hydrogen availability for the national energy and mobility market, thereby contributing to the development of the domestic hydrogen economy.


LOTTE Chemical Basic Materials Business President Hwang Jin-koo stated, “This joint venture is an important step for building the hydrogen ecosystem of the Republic of Korea,” while adding, “We will contribute to promoting the hydrogen ecosystem together with Air Liquide based on the production knowhow that we have built thus far and operational experience of 26 production bases in 22 countries”


Air Liquide Korea President Guillaume Cottet commented, “With this joint venture, Air Liquide Korea and LOTTE Chemical has made a strategic partnership to promote the development of Korea’s hydrogen economy. Through this new joint venture that combines the strengths of our two companies, we will construct a competitive hydrogen supply chain for Korea’s hydrogen clean mobility market in the future.”


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