Lotte Chemical to expand hydrogen and battery parts business
South Korea’s Lotte Chemical Corporation said it plans to spend KRW 10 billion ($7.9 billion) by the end of the decade to expand its hydrogen and battery component businesses as t was stepping up its efforts to increase its exposure to the transition to green energy.
Earlier this year, the company said it aimed to triple its annual revenue to KRW 50 billion by 2030 by focusing on hydrogen power generation, battery materials and fuel recycling. plastics.
The company said it would spend KRW 6 billion to expand its hydrogen power generation capacity to 1.2 million tons by the end of the decade, to generate annual revenue of KRW 5 billion. from KRW. KRW4trn will be spent on the production of battery components, including cathodes, anodes, electrolytes and separators for lithium-ion batteries, with revenue targeted from this segment of KRW5trn by 2030.
Lotte said it plans to open a battery materials subsidiary in the United States in the first half of this year as part of its overseas expansion strategy.
CEO Kim Gyo-hyun said in a statement, “We will push for expansion into petrochemicals, high value-added specialty businesses and overhaul the portfolio to expand into hydrogen energy, battery materials and electronics. other environmentally friendly activities. We intend to reduce carbon emissions by increasing the use of carbon capture technology and introducing more renewable energy. »