Lotte Chemical will invest in the largest hydrogen fund in the world to develop its hydrogen business.
The company will participate in a clean hydrogen infrastructure fund, recently created by the French hydrogen company Air Liquide and the petrochemical company TotalEnergies.
The two French companies recently decided to create a hydrogen fund of 1.5 billion euros to strategically invest in hydrogen storage distribution infrastructure, hydrogen cars and hydrogen production projects linked to renewable energies. in the world. The two companies are also co-chairs of the Hydrogen Committee, a global advisory body launched by the World Economic Forum 2017.
Recently, Air Liquide announced that Lotte Chemical is one of the top eight investors, including global insurance finance group AXA and US hydrogen fuel cell company Plug Power.
Lotte Chemical is expected to invest € 100 million (approximately 140 billion won) in the fund. It is the only Asian company participating in the fund.
Lotte Chemical announced in July a strategic roadmap for environmentally friendly hydrogen. Since then, the company has reportedly received requests from Air Liquide and others to participate in the fund. It plans to invest a total of 4.4 trillion won to achieve carbon neutrality by 2030 and meet 30 percent of Korea’s demand for hydrogen.
Lotte Chemical is expected to be able to secure hydrogen-related technologies and a hydrogen value chain through its participation in the fund. It will also help the company to realize its hydrogen vision.