Lotte Chemical-Air Liquide Korea Establish Hydrogen Joint Venture
Daesan·Ulsan Large-Scale Hydrogen Shipping Center Investment
Hwang Jin-gu Lotte Chemical CEO "Contributing to Hydrogen Ecosystem Development"
Guillaume Cottet Air Liquide CEO "Building a Competitive Hydrogen Supply Chain"
[Asia Economy Reporter Moon Chaeseok] Lotte Chemical and Air Liquide Korea are establishing a joint venture to build a hydrogen supply chain. This marks the official start of the project one year after signing a hydrogen business cooperation memorandum of understanding (MOU) in May last year.
On the 29th, the two companies signed a joint venture establishment agreement at Lotte World Tower, attended by executives including Hwang Jin-gu, head of Lotte Chemical's Basic Materials Business, and Guillaume Cotte, CEO of Air Liquide Korea. The joint venture will be established with Air Liquide Korea and Lotte Chemical investing in a 60:40 equity ratio, respectively. The name of the joint venture has not been decided. After filing and obtaining approval for the business combination from the Korea Fair Trade Commission, the company plans to establish the corporation in July and proceed with the business.
The joint venture plans to invest in large-scale hydrogen shipping centers in two locations, Daesan and Ulsan, utilizing byproduct hydrogen from Lotte Chemical, to supply hydrogen to the Seoul metropolitan area and the Yeongnam region. Starting with this, it aims to develop and expand the hydrogen mobility market to meet nationwide demand, including from Lotte affiliates.
Lotte Chemical will provide byproduct hydrogen generated from its Daesan and Ulsan plants. Strategically attracting shipping centers, it plans to respond to demand for hydrogen commercial vehicles. Air Liquide Korea will provide specialized technology for hydrogen shipping centers and distribution. It will contribute to building a hydrogen supply chain for the transportation market. Through joint investment, the two companies are expected to present concrete solutions related to climate change and energy transition and expand hydrogen availability for the national energy and mobility markets. Ultimately, this is anticipated to contribute to the development of the domestic hydrogen economy.
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CEO Hwang said, "The establishment of this joint venture is an important step in creating South Korea's hydrogen ecosystem," adding, "Lotte Chemical will leverage its accumulated production know-how and experience operating 26 production bases in 22 countries worldwide to support hydrogen economy activation together with Air Liquide." CEO Cotte also stated, "With the establishment of this joint venture, the two companies have formed a strategic alliance to promote the development of South Korea's hydrogen economy," and added, "Starting with the formation of the new joint venture combining the strengths of both companies, we will build a competitive hydrogen supply chain for Korea's hydrogen clean mobility market in the future."
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