LOTTE Chemical - Air Liquide Korea Establishes Hydrogen Business Joint Venture ‘LOTTE Air Liquide Ener’Hy’ to Expand Hydrogen Supply Chain
LOTTE Chemical - Air Liquide Korea Establishes Hydrogen Business Joint Venture
‘LOTTE Air Liquide Ener’Hy’ to Expand Hydrogen Supply Chain
█ Established ‘LOTTE Air Liquide Ener’Hy’ with the corporate goal of leading energy transformation in the domestic
hydrogen energy market including mobility
█ Construction of Korea’s largest and first commercial high-pressure hydrogen shipping center at the LOTTE Chemical Daesan Plant...
Scheduled to begin business by the second half of ‘24
█ Scheduled to additionally construct the Ulsan Hydrogen Shipping Center in the future that will be in charge of the Yeongnam region...
Plans to develop and expand the hydrogen mobility market to meet national demand
LOTTE Chemical and Air Liquide Korea announced on the 6th that they have completed the establishment of a joint venture as part of their strategic partnership to expand the domestic mobility hydrogen supply chain. LOTTE Chemical and Air Liquide Korea signed an MOU to cooperate in the hydrogen business in May of last year, and in April of this year, entered an agreement for the establishment of a joint venture.
This joint venture was named ‘LOTTE Air Liquide Ener’Hy Co., Ltd.’ and completed business combination approval last November.
The company name ‘LOTTE Air Liquide Ener’hy’ combined the words energy and hydrogen, and means that it is a company that will lead energy transformation in the Korean hydrogen energy market starting with mobility. Air Liquide Korea Hydrogen Energy Business Department Vice President Kim Somi was appointed as the first CEO of this joint venture.
As its first project, LOTTE Air Liquide Enery’hy will construct a large-scale high-pressure hydrogen shipping center using byproduct hydrogen of LOTTE Chemical at a site within the LOTTE Chemical Daesan Plant and begin operations in the second-half of '24. This shipping center will have the nation’s greatest hydrogen production capacity (over 5,500 tons in annual production), which is enough to fuel 4,200 passenger vehicles or 600 commercial buses.
LOTTE Air Liquide Enery’hy plans to preoccupy the capital area mobility market through the Daesan high-pressure hydrogen shipping center, and in the future, additionally construct a hydrogen shipping center in Ulsan to also take charge of hydrogen shipping in the Yeongnam region. Starting with this, it plans to continue to develop and expand the hydrogen mobility market to satisfy the national demand including the joint venture LOTTE SK Eneroot established by LOTTE Chemical, SK Gas, and Air Liquide Korea in September, as well as LOTTE subsidiaries in order to satisfy nationwide demands.
LOTTE Chemical is pursuing the hydrogen business for supplying global clean energy and for carbon-reduced growth. It established plans to invest a total of 6 trillion KRW to produce 1.2 million tons of clean hydrogen by 2030, and distribute and use this to achieve annual sales of 5 trillion KRW. It plans to promote implementation of clean hydrogen/ammonia abroad through various investments and partnerships in preparation for increased domestic demand, and contribute in the building of a green circulating ecosystem focusing on low carbon growth and hydrogen based on core capacities such as large-scale customers, massive supply chain, and eco-friendly technologies.