Lotte Chemical will invest a total of 10 trillion won by 2030 in hydrogen energy and battery material businesses, which are selected as future growth engines, to improve its constitution.
Lotte Chemical announced the ‘Lotte Chemical 2030 Vision and Growth Strategy’ at the Lotte World Tower in Songpa-gu, Seoul on the 19th in the presence of key executives including Kim Gyo-hyun, Vice Chairman of the Chemical Group of the Lotte Group, in attendance.
The key to the 2030 Vision announced by Lotte Chemical is the financial goal of achieving 50 trillion won in sales by 2030 and the non-financial goal of achieving carbon reduction growth.
In order to achieve ‘revenue 50 trillion won in 2030’, Lotte Chemical plans to increase sales of general-purpose petrochemical business from 11 trillion won last year to 20 trillion won, and high value-added specialty business from 7 trillion won to 18 trillion won. In the eco-friendly business, a total of 11 trillion won will be invested by 2030 to achieve a total annual sales of 12 trillion won, including 5 trillion won for hydrogen energy, 5 trillion won for battery materials, and 2 trillion won for recycled and bioplastics.
To this end, in March, Lotte Chemical established a hydrogen energy business group and a battery material business group to lead new eco-friendly businesses.
By business, Lotte Chemical plans to invest a total of 6 trillion won in the hydrogen energy business by 2030 to produce 1.2 million tons of clean hydrogen, and to achieve annual sales of 5 trillion won by distributing and utilizing it. Of the 1.2 million tons of hydrogen produced, 600,000 tons will be supplied for power generation, 450,000 tons for fuel cells and hydrogen gas turbines, and 150,000 tons for transportation. Of this, 600,000 tons for power generation will be introduced into Korea by converting clean hydrogen produced abroad into ammonia, which is convenient for transportation and storage.
In addition, it has decided to establish a joint venture with strategic partners within the year to promote hydrogen charging station business and power generation business, and to expand collaboration with Lotte Group affiliates.
Lotte Chemical plans to invest a total of 4 trillion won in the battery materials business by 2030 to achieve annual sales of 5 trillion won. In detail, the plan is to generate 4 trillion won in sales in the lithium-ion battery (LiB) four major material solutions and 1 trillion won in the next-generation battery sector, respectively.
Lotte Chemical plans to expand the business to more than 1 million tons by investing a total of 1 trillion won by 2030 in the recycling and bioplastic material business.
The goal is to increase recycling and bioplastic sales to 2 trillion won by 2030 by expanding the business of recycled plastics and biodegradable plastic materials by using physical and chemical recycling technologies.
Lotte Chemical aims to reduce carbon emissions by 25% compared to 2019 in 2030 compared to 2019 and achieve carbon neutrality by 2050 by improving energy efficiency, expanding the application of carbon capture technology, and introducing hydrogen and renewable energy (ESG). structure) vision was also revealed.
In addition, it is also promoting membership in the international campaign ‘RE100’ to use 100% of electricity as renewable energy by 2050.
Reporter Lee Hyeong-joong [email protected]