Lotte Chemical to invest 100 million euros in global hydrogen fundLotte Chemical, a Korean petrochemical company, said Thursday it will invest about 100 million euros ($116 million) in a global hydrogen fund as part of efforts to ramp up its portfolio in clean energy.
The investment will go to Clean H2 Infrastructure Fund, a fund created by an alliance of international companies, including France's Air Liquide and TotalEnergies, to sponsor the promotion of clean hydrogen ecosystem and infrastructure, according to Lotte's regulatory filing and press release.
The fund aims to secure 1.5 billion euros and has so far secured about 800 million euros. Lotte is participating as one of the eight key sponsors.
The fund will invest in the broad value chain of renewable and low carbon hydrogen, according to TotalEnergies website.
Through the investment, Lotte Chemical will seek fresh investment opportunities as it will work to identify the related technology trend to prepare for the accelerating growth in global hydrogen industry
In July, Lotte Chemical, the petrochemical unit of Lotte Group, announced a plan to invest 4.4 trillion won in the hydrogen business by 2030 to cut its carbon emissions and foster the new growth driver.