Lotte Chemical, SK gas, Air Liquide Korea to build hydrogen fuel cell plant

Lotte Chemical will establish a joint venture with SK gas and Air Liquide Korea to build a hydrogen fuel cell plant and set up hydrogen chargers.

From left, Hwang Jin-koo, CEO of Lotte Chemical’s basic material division, Yoon Byung-suk, CEO of SK gas, and Nicolas Foirien, CEO of Air Liquide Korea, pose for a photo after signing an agreement to build a hydrogen fuel cell plant Thursday at Lotte World Tower in southern Seoul. [LOTTE CHEMICAL]

Lotte Chemical will establish a joint venture with SK gas and Air Liquide Korea to build a hydrogen fuel cell plant and set up hydrogen chargers.

Lotte Chemical and SK gas will each hold 45 percent of the joint venture, while Air Liquide Korea will hold 10 percent. Details about the amount of investment by each company have not been disclosed.

Their first task will be constructing a power plant that generates electricity from hydrogen fuel cells. Lotte will provide a site for the factory in Ulsan, where it already has a plant.

SK gas will supply byproduct hydrogen to the factory. Air Liquide Korea will be in charge of offering related technology and know-how in building hydrogen plants.

The joint factory will be able to generate 500,000 megawatt-hours of electricity annually, which is enough to power 120,000 households every year.

The three companies also promised to cooperate on setting up hydrogen chargers, as well as working together on blue and green hydrogen sectors in the future.

"Lotte Chemical will concentrate all our capabilities and know-how to make this a meaningful step for the vitality of the hydrogen economy,” said Hwang Jin-koo, CEO of Lotte Chemical’s basic material division.

CEO Hwang signed the agreement with Yoon Byung-suk, CEO of SK gas and Nicolas Foirien, CEO of Air Liquide Korea, Thursday morning at Lotte World Tower in southern Seoul.

BY SARAH CHEA [chea.sarah@joongang.co.kr]