Lotte Chemical to invest $3,7 bn in hydrogen by 2030.
Lotte Chemical will invest 4.4 trillion won ($3.7 billion) to groom hydrogen business as its next growth engine along with battery materials business by 2030, with an aim to earn 3 trillion won in sales and achieve 10% operating margin.
It is set to unveil its nationwide hydrogen business value chain by Q1 this year and aims to build its hydrogen fueling station network across the country by 2023 and hydrogen fuel-cell power plants by 2024 in collaboration with global energy firm Air Liquide and local LPG supplier SK GAS.
It also expects a hydrogen and ammonia plant to be built in Malaysia in partnership with Samsung Engineering and POSCO to grow to 3 trillion won worth JV.
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