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Korea: Bumhan Fuel Cell and Lotte Chemical Partner to revitalize the Hydrogen Economy

By September 29, 2021 2   min read  (326 words)

September 29, 2021 |

Fuel Cells Works, Korea: Bumhan Fuel Cell and Lotte Chemical Partner to revitalize the Hydrogen Economy
  • Establishment of a carbon-neutral and Eco-friendly business partnership Development of hydrogen fuel cell-related business cooperation

Lotte Chemical and Bumhan Fuel Cell signed a ‘business agreement to establish a carbon-neutral and Eco-friendly business partnership’ at the Bumhan Fuel Cell headquarters in Changwon, Gyeongnam on the 27th. The signing ceremony was attended by Yeon-seop Kim, Executive Vice President of Lotte Chemical’s ESG Management Division, and Young-sik Jung, CEO of Beomhan Fuel Cell.

With this agreement, the two companies were prepared to build a carbon-neutral and Eco-friendly business partnership by effectively utilizing each company’s know-how and infrastructure to expand the hydrogen value chain and to contribute to vitalizing the hydrogen economy.

Lotte Chemical and Bumhan Fuel Cell plan to cooperate in various fields such as

▲hydrogen fuel cell power generation business

▲hydrogen fuel cell related business

▲examination of additional business using each company’s infrastructure through joint development and investment in eco-friendly technologies.

“I am very pleased with this MOU that Lotte Chemical and Beomhan Fuel Cell have prepared to expand Korea’s hydrogen business infrastructure,” said Kim Yeon-seop, managing director of Lotte Chemical’s ESG management division. It is expected to contribute to economic revitalization.”

“Today’s agreement is the starting point of cooperation between the two companies, and the eco-friendly hydrogen industry of both companies will take a big leap forward through implementation of the agreement,” said Young-sik Jung, CEO of Beomhan Fuel Cell.

Meanwhile, in July of this year, Lotte Chemical announced an eco-friendly hydrogen growth roadmap, ‘Every Step for H2’, with the goal of supplying 30% of domestic hydrogen demand along with achieving carbon-neutral growth by 2030. In addition, in preparation for the full-fledged expansion of the domestic hydrogen car market, a pilot facility for mass production of hydrogen tanks is scheduled to be completed in the first half of 2022, and based on its capabilities such as hydrogen tank certification, it will continue to take a strategic step in the development of hydrogen business technology.

 

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