Air Liquide Korea, Lotte Chemical and SK gas collab for hydrogen fuel cell facilityJune 7, 2022
The companies are entering into a joint venture that will have them building the plant.
Lotte Chemical has announced that it is entering into a joint venture with both Air Liquide Korea and SK gas for the purpose of building a hydrogen fuel cell plant.
The companies plan to work together to build a new facility to use the units to produce electricity with H2.
Lotte Chemical and SK gas are each going to be 45 percent stakeholders in the hydrogen fuel cell plant joint venture. Air Liquide Korea will hold the remaining 10 percent of the plant joint venture. As of the writing of this article, the details regarding each company’s individual investment into the plant.
The intention will be to build a facility will not only use the cells to produce electricity, but it will also be providing H2 refueling. To start, the intention is to construct the plant itself. The plant will use the cells for the production of the electricity. Lotte will provide the site for the facility at its location in Ulsan where it already has a factory.
Each of the companies will contribute to the hydrogen fuel cell facility’s construction and operation.
SK gas will be responsible for supplying byproduct to the Ulsan factory for use in refueling and in electricity production. Air Liquide Korea will be responsible for offering associated tech and expertise in building the H2 plants in the first place.
The joint venture’s plant will have an electricity generation capacity of 500,000 megawatt-hours per year. That capacity is the equivalent of the power needed for 120,000 households per year. The three companies involved in this joint venture have also committed to cooperate on building H2 refueling pumps. Furthermore, their intention is to team up on the production of blue and green hydrogen 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 Lotte Chemical basic material division CEO Hwang Jin-koo.
CEO Hwang signed the hydrogen fuel cell plant agreement with SK gas CEO Yoon Byung-suk and Air Liquide Korea CEO Nicolas Foirien in southern Seoul at the Lotte World Tower.