Lotte Group and KAIST team up on technology

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Lotte Group and KAIST team up on technology

Published: 29 Aug. 2022, 16:12

A rendering of the Lotte-KAIST Sustainability Research Institute, which will open in 2025. [LOTTE CORPORATION]

Lotte companies will start research and development (R&D) centers focusing on carbon neutrality technologies with KAIST after donating 14 billion won ($10.4 million) to the university.

Lotte Corporation announced Monday that the donation will be made by 10 Lotte companies, which include Lotte Corporation, Lotte Chemical, Lotte Fine Chemical, Lotte Shopping and Lotte Confectionery.

With the donation, two research and development centers will open in KAIST in 2025.

One will be named the Lotte-KAIST Sustainability Research Institute, focusing on developing technologies to achieve carbon neutrality.

Researchers at the center will develop technologies for making biodegradable plastic. They will also develop methods to product renewable energy such as biofuel and green hydrogen, the most eco-friendly version of hydrogen produced through the use of solar and wind power.

Technology developed at the center will be used to make products by Lotte companies that participate in the donation.

A design R&D center will also be opened focusing on product designs that minimize waste. It will also work on virtual products that can be used in the metaverse.

Products developed in the center will be used and tested by university students and nearby residents before being commercialized.

The donation follows Lotte Group Chairman Shin Dong-bin’s visit to KAIST in February and a meeting with Lee Kwang-hyung, president of the university. After the meeting, Lotte Corporation said there would be more cooperation between the company and the university.

Lotte Chemical has been working with KAIST since January to develop technologies that produce eco-friendly naptha. Lotte Corporation announced Monday that the two will work on further projects to develop battery materials.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]