Lotte Chemical to invest US$7.8 bil in hydrogen and batteries

19/5/2022 5:21:00 PM

Lotte Chemical to invest US$7.8 bil in hydrogen and batteries - Bloomberg

Lotte Chemical to invest US$7.8 bil in hydrogen and batteries - Bloomberg

(May 19): Lotte Chemical Corp will invest 10 trillion won (US$7.8 billion) to expand its hydrogen and battery materials businesses through 2030 in a bid to accelerate its decarbonization goals.The Seoul-based petrochemical producer is targeting annual sales of 5 trillion won each in its hydrogen and battery divisions by the end of the decade, it said in a statement. It will spend 6 trillion won on its hydrogen operations and 4 trillion won to boost battery materials output.South Korean

(May 19): Lotte Chemical Corp will invest 10 trillion won (US$7.8 billion) to expand its hydrogen and battery materials businesses through 2030 in a bid to accelerate its decarbonization goals.The Seoul-based petrochemical producer is targeting annual sales of 5 trillion won each in its hydrogen and battery divisions by the end of the decade, it said in a statement. It will spend 6 trillion won on its hydrogen operations and 4 trillion won to boost battery materials output.

South Korean corporates have been spending aggressively to cut their carbon footprints after Seoul pledged in 2020 the country would be carbon neutral by 2050. SK Innovation Co is pumping 30 trillion won through 2025 into its green business portfolio, mainly in batteries and recycling plastic waste, while LG Chem Ltd is investing 10 trillion won through 2025 in battery materials.

Read more:
The Edge Malaysia »

EC ready for Northeast monsoon rain on Tioman polling day

ROMPIN: The Election Commission (EC) says it is ready to face the threat of rain due to the Northeast monsoon on polling day for the Tioman state seat. Read more >>

World Bank announces up to US$30 bil to address food insecurityWASHINGTON: The World Bank on Wednesday (May 18) announced actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to US$30 billion financing in existing and new projects, Xinhua reported.The bank said in a statement that the financing in areas such as agriculture, nutrition, social protection, water and irrigation will be available for implementation to address food insecurity over the next 15 months.It will include efforts to encourage food and

Indonesia adds US$27 bil of spending to absorb price shocks(May 19): Indonesia is increasing state spending to fund subsidies that would keep energy prices steady despite the global surge in fuel cost, helping quell inflationary pressures that risk derailing its economic recovery.The government sees a 392 trillion rupiah (US$27 billion) boost to total expenditure to reach an estimated 3,106 trillion rupiah this year. That’s partly to account for a 56% jump in subsidies to the 208.9 trillion rupiah meant to absorb increases in energy costs for Indonesians, said Finance

A US$60 bil crypto collapse reveals a new kind of bank runNEW YORK (May 19): Last fall, on the advice of a friend, Odosa Iyamuosa invested his life savings of US$4,000 in a cryptocurrency called Luna. The 28-year-old, who lives in Abuja, Nigeria, researched the coin himself online, and what he found seemed promising. Luna’s price was soaring, thanks to the success of another coin with which it was deeply intertwined, TerraUSD. Some of the crypto industry’s biggest names had already invested, including Galaxy Digital Holdings Ltd, the high-frequency-trading firm

Qatar to invest an extra US$5b in Spain | Malay MailMADRID, May 18 — Qatar today said it plans to invest an additional US$5 billion (RM21 billion) in Spain on the second day of a state visit by its emir, Sheikh Tamim bin Hamad Al-Thani.  “The volume of investments agreed upon with the Spanish side amounts to US$5 billion in various...

Taib proud of Sarawak's achievements in hydrogen economy developmentKUCHING (May 17): Yang di-Pertua Negeri of Sarawak Tun Abdul Taib Mahmud is proud of the state’s achievements being at the forefront of the development of the hydrogen economy in Southeast Asia.He said the hydrogen economy would be a major contributor to Sarawak's economic well-being, and reduce dependence on traditional industries.“We will create new sources of income to reduce our dependence on depleting natural resources and fossil fuels,” he said while officiating the opening session of the Second Meeting of

Renault unveils hydrogen-powered prototype SUV in race to cleaner drivingPARIS (May 19): Renault unveiled on Thursday a prototype hydrogen fuel cell-powered sport utility vehicle (SUV), as the French carmaker scrambles to catch up with rivals in the race to cleaner driving.Renault said the car, dubbed the 'Scenic Vision', would not be commercially available before 2030-2032. A fully electric version will hit the market in 2024.A fuel cell vehicle has an electric motor just like an electric vehicle (EV), but the motor is powered by electricity produced through hydrogen,

A (May 19): Lotte Chemical Corp will invest 10 trillion won (US$7.WASHINGTON: The World Bank on Wednesday (May 18) announced actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to US$30 billion financing in existing and new projects, Xinhua reported.A (May 19): Indonesia is increasing state spending to fund subsidies that would keep energy prices steady despite the global surge in fuel cost, helping quell inflationary pressures that risk derailing its economic recovery.Jump Trading, and venture investment arms of the exchanges Coinbase Global Inc and Binance.

8 billion) to expand its hydrogen and battery materials businesses through 2030 in a bid to accelerate its decarbonization goals. The Seoul-based petrochemical producer is targeting annual sales of 5 trillion won each in its hydrogen and battery divisions by the end of the decade, it said in a statement. It will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers. It will spend 6 trillion won on its hydrogen operations and 4 trillion won to boost battery materials output.9 trillion rupiah meant to absorb increases in energy costs for Indonesians, said Finance Minister Sri Mulyani Indrawati on Thursday. South Korean corporates have been spending aggressively to cut their carbon footprints after Seoul pledged in 2020 the country would be carbon neutral by 2050. In addition, the World Bank's existing portfolio includes undisbursed balances of US$18. SK Innovation Co is pumping 30 trillion won through 2025 into its green business portfolio, mainly in batteries and recycling plastic waste, while LG Chem Ltd is investing 10 trillion won through 2025 in battery materials. The value of his Luna coins doubled.

Lotte Chemical said it’s aiming to produce 1. "Food price increases are having devastating effects on the poorest and most vulnerable," said World Bank Group President David Malpass. “The state budget will remain as a shock absorber, hence the government has decided some administered prices will not be changed,” Indrawati said in the parliamentary committee meeting.2 million tons of hydrogen a year by 2030, and is also planning to import the green variety of the fuel. In battery materials, it wants to supply electric vehicle producers in the US. He urged countries to make concerted efforts to increase the supply of energy and fertiliser, help farmers increase plantings and crop yields, and"remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage". Separately, the company is looking to scale up its recycling and bio-plastic businesses by investing another 1 trillion won through 2030. That’s a sizable jump from the roughly 4% estimated earlier, though still narrower than the 4. It’s targeting annual sales of 2 trillion won from these businesses by the end of the decade, it said in the statement. But it dropped below US$1 and kept falling, and Luna tokens, once worth more than US$100, crashed to below a penny, all but erasing a combined market value that had topped US$60 billion.

Subscribe to Mid-day email alert We deliver news to your inbox daily .