Lotte Chemical to invest around US$7.68 billion in hydrogen and battery materials by 2030

The South Korean company Lotte Chemical is investing the equivalent of 7.68 billion US dollars in the hydrogen and battery materials business areas by 2030. In addition, the turnover in these sectors is to increase to 38.42 billion US dollars, of which 9.22 billion US dollars are to be invested in environmentally friendly business sectors. These figures and business plans were announced at the “Lotte Chemical 2022 CEO IR day” in Seoul at the end of March. Compressed gases and similar products must undergo KGS certification to be approved in Korea.

Lotte Chemical identified hydrogen, battery materials, recycling and bio-plastics as new growth drivers and therefore decided to invest about 8 billion US dollars until 2030. The largest part will be invested in hydrogen energy, followed by battery materials and, with a comparatively small amount, recycling and bio-plastics. For this purpose, the hydrogen energy and battery materials business units will be newly founded.

The Hydrogen Energy Division is to secure the leading role in the entire value chain. This includes, among other things, the production, transport and distribution of hydrogen as well as securing the necessary supply of ammonia, which serves as a feedstock for hydrogen production. To this end, mainly so-called blue and green ammonia is to be imported from overseas by 2030, which will then be converted into a total of 1.2 million tonnes of hydrogen gas in Korea. Lotte Chemical is also promoting the expansion of the hydrogen filling station network as well as energy production with hydrogen by participating in corresponding joint ventures.

In battery materials, Lotte Chemical expects sales of US$3.84 billion by 2030 and hopes to become a major player within the electric vehicle, battery and materials supply chain. To this end, Lotte Chemical, together with its subsidiaries Lotte Fine Chemical and Lotte Aluminium, is investing directly or indirectly in four key battery precursors.

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Verena Numssen

About the author: Verena Numssen is managing director of MPR International GmbH

Publisher: MPR International GmbH

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