Lotte Chemical spins off in-house eco-friendly vessel startup

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Lotte Chemical spins off in-house eco-friendly vessel startup

Published: 12 Sep. 2023, 15:41

SARAH CHEA
chea.sarah@joongang.co.kr

A vessel, named Possibility, made of Eco Marine's eco-friendly materials [LOTTE CHEMICAL]

Lotte Chemical has spun off an in-house startup, Eco Marine, a material company with its own technology in developing eco-friendly vessels.

The Korean company said Tuesday the startup has developed Ever Marine, a recyclable material based on high-density polyethylene.

Eco Marine is currently running businesses with four different clients, Lotte added.

The startup is part of Lotte's Licorn program, which the company has been running since 2021 to help its employees establish startups beyond the chemical sector.

Selected startups are funded 200 million won ($151,000) to commercialize their service or product for two years. If successful, the startup will be offered an additional 500 million won.

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