LOTTE Chemical, SK Gas and Air Liquide Korea form joint venture
Published by Bella Weetch,
Editorial Assistant
Global Hydrogen Review,
LOTTE Chemical, SK Gas and Air Liquide Korea have announced that they have completed the establishment of a joint venture (JV) for a byproduct hydrogen-based generation business and hydrogen business for transportation.
This JV, named ‘LOTTE SK Eneroot’, completed corporate merger approval by five nations, including Korea, in September 2022, and confirmed the company name and co-CEOs.
The newly-confirmed company name, LOTTE SK Eneroot, has the meaning ‘a company like strong roots that does not waver in the new future energy industry.' The first co-CEOs are LOTTE Chemical Hydrogen Energy Business Division Executive Director, Kim Yong-hak, and SK Gas Hydrogen Business Vice President, Shim Young-sun, and they also completed discussions on personnel composition for initial business operation.
As its first project, there are plans to invest approximately KRW300 billion in an area of 12 200 m2 at the LOTTE Chemical Ulsan Plant to construct a byproduct hydrogen fuel cell generator, which is slated to begin business by 1H25. For this, applications for authorisation and licensing for the fuel cell generation business will be submitted by October 2022. This generator will have an annual 500 000 MWh power production capacity, and this is enough power that can be used by a total of 120 000 four-person households for a year.
There are plans to construct a hydrogen fuel cell generator and build hydrogen charging stations in major bases within the nation, and it will also review business opportunities for clean hydrogen/ammonia.
Meanwhile, for the stable operation of the hydrogen fuel cell generator of the JV, LOTTE Chemical, which is the nation’s largest byproduct hydrogen producer, will supply raw materials and related business sites at the Ulsan Plant, and it also plans to provide a stable business environment by procuring hydrogen mobility clients via the group’s subsidiaries.
SK Gas plans to procure byproduct hydrogen through its partners in Ulsan to supply the product, and it will also utilise its generator business capacities and LPG charging station network and know-how for the long-term growth of the JV.
Air Liquide Korea is a global company possessing world-class technologies in the industrial gas sector, and it will provide its expertise and technologies for not only hydrogen charging stations, but also on hydrogen supply chains and distribution.
Read the article online at: https://www.globalhydrogenreview.com/hydrogen/10112022/lotte-chemical-sk-gas-and-air-liquide-korea-form-joint-venture/
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