LOTTE Chemical Activates LINK (LOTTE Innovation Network) Project…

Pursuing Early Procurement of Eco-friendly Platform Technologies

and Early Commercialization together with the Korea Research Institute of Chemical Technology 

█ Held MOU ceremony for joint research and technology transfer for ‘carbon neutrality’, ‘resource circulation’,

    and ‘hydrogen energy’ technologies with the Korea Research Institute of Chemical Technology...

    Pursuing early commercialization through increased investment on challenging carbon neutrality technology

    and by solving technologically difficult issues      

█ Strengthening open innovation research activities with universities, research institutes, enterprises,

    and experts through full-fledged activation of the LOTTE Chemical LINK (LOTTE Innovation Network) Project...

    Early procurement of future business capacities in hydrogen, carbon neutrality, battery, bio,

    etc. in addition to the existing chemical business     

█ Joint research on strategic technology ‘ammonia-based hydrogen production catalyst technology’

    for procuring leadership in the hydrogen industry and to construct a clean ammonia supply chain...

    Goal of producing 1.2 million tons of clean hydrogen by 2030

█ LOTTE Chemical Vice Chairman Kim Gyo-hyun, “Development of innovative technologies through open innovation

    with various stakeholders is essential for the successful landing in future changes of carbon-reduced growth” 

LOTTE Chemical will activate the LINK (LOTTE Innovation Network) project in earnest for procuring platform technologies and early commercialization to achieve the ‘2030 Vision-Carbon Reduced Growth’ that it announced earlier in May. 

The LINK (LOTTE Innovation Network) project aims at preemptively securing future technologies needed for the company’s business through open innovation research activities with colleges, research institutes, companies, and experts, and is designed to expand technologies through cooperation in non-adjacent industries. 

As part of this project, LOTTE Chemical announced that it held an MOU ceremony for joint research and technology transfer in the ‘carbon neutrality’, ‘resource circulation’, and ‘hydrogen energy’ sectors with the Korea Research Institute of Chemical Technology (KRICT) in the afternoon of the 19th (Fri).

This MOU ceremony was held for investing in the challenging carbon neutrality and hydrogen energy technologies, to overcome technological difficulties by expanding cooperation, and to provide the foundation for developing innovative technologies. Plans are to assign experts for R&D in ‘joint research on new processes and waste plastic-to-resource technologies in the carbon neutrality sector’, ‘transfer of catalysts/process platform technologies related to hydrogen energy’, etc. and conduct R&D for three years starting from this year to make tangible outcomes. 

LOTTE Chemical Vice Chairman Kim Gyo-hyun stated, “Development of innovative technologies through open innovation with various stakeholders is essential for the successful landing in future changes of carbon-reduced growth,” while adding, “By combining the business capacities and future investment stability of LOTTE Chemical with the technological R&D of KRICT, we will be able to accelerate the creation of a future foundation for achieving carbon neutral growth.”

KRICT Director Lee Mi-hye commented, “This cooperation between KRICT and LOTTE Chemical will be a representative example of ‘privately led innovative growth’ pushed by the public and government sector and pulled by the private sector.” She also added, “I hope that this will be a good case for Korea to procure a competitive edge in industries related to carbon neutrality.”

The ‘ammonia-based hydrogen production catalyst technology’, which is part of this research project, is in the early R&D phases globally, and it is evaluated to be a necessary technology for securing competitive eco-friendly energy sources and for building a green hydrogen ecosystem based on ammonia.  

LOTTE Chemical and KRICT shared the belief that technological development for using and decomposing ammonia for the safe and efficient transport of hydrogen, which has recently gained a lot of attention as future energy, is essential, and it plans to cooperate in research for developing eco-friendly catalysts and reactors that do not emit carbon dioxide (CO2) when decomposing ammonia. 

Meanwhile, the LOTTE Chemical LINK (LOTTE Innovation Network) project established the ‘Carbon Neutrality Research Center’ together with KAIST (Korea Advanced Institute of Science & Technology) in January and is engaged in five R&D projects to realize a carbon neutral society and to solve the waste plastic issue. IN addition, it is developing solid electrolyte and coating separator technologies with ‘SOELECT’, which is a start-up that develops lithium metal cathode materials and solid electrolytes, which are core materials for next-generation batteries.