South Korean petrochemical producer Lotte Chemical Corp says it will invest US$7.8 billion to expand its hydrogen and battery materials businesses through 2030 in a bid to accelerate its decarbonisation goals.
It is targeting annual sales of 5 trillion won each in its hydrogen and battery divisions by the end of the decade. It will spend 6 trillion won on its hydrogen operations and 4 trillion won to boost battery materials output.
Lotte Chemical said it’s aiming to produce 1.2 million tonnes/year of hydrogen by 2030, and is also planning to import the green variety of the fuel. In battery materials, it wants to supply electric vehicle producers in the US.
The company also says it is looking to scale up its recycling and bio-plastic businesses by investing another 1 trillion won through 2030. It’s targeting annual sales of 2 trillion won from these businesses by the end of the decade.