Lotte Chemical Establishes Carbon Neutral Research Center With KAIST
Korea's Lotte Chemical and KAIST have agreed to establish a carbon-neutral research center to secure future technologies and to discover talent. The two organizations plan to jointly engage in technology research and development to realize a carbon-neutral future.
Lotte Chemical announced on the 25th of January 2022 that it held an opening ceremony for the ‘Lotte Chemical-KAIST Carbon Neutral Research Center’ at the KAIST Energy Environment Research Center in Yuseong-gu, Daejeon. The opening ceremony was attended by officials from both companies, including Hwang Jin-goo, CEO of Lotte Chemical's basic materials business, and Lee Kwang-hyeong, president of KAIST.
LOTTE Chemical-KAIST Carbon Neutral Research Center is developing several technologies and advancements:
- Clean hydrogen production through pyrolysis of waste plastics and water electrolysis
- Eco-friendly naphtha production technology
- Liquid organic hydrogen storage and carrier technology
- Clean hydrogen production cost optimization and carbon emissions through life cycle evaluation (LCA) Select and study tasks related to reduction, etc.
Lotte Chemical will invest a total of 2 billion won in R&D until 2024. The research funds will be used to build a dedicated research space in Daejeon KAIST and to install experimental equipment for technology development.
Lee Jae-woo, a professor of biochemical engineering at KAIST, appointed as the center head, will lead the Carbon Neutral Research Center. Five faculty members and 23 leading researchers will participate in the research. Lotte Chemical's research executives and researchers also participate as steering committee members.
Hwang Jin-goo, CEO of Lotte Chemical's Basic Materials Business, said, "It is difficult to solve the big task of realizing carbon neutrality on our own.” Lee Kwang-hyung, president of KAIST, added, “The carbon neutral issue means the birth of a new international order.
Lotte Chemical plans to strengthen open innovation research activities with other excellent universities, research institutes and companies in South Korea and abroad, including research investment with KAIST. In addition to the existing petrochemical business group, the company plans to secure future business capabilities such as hydrogen, carbon neutrality, batteries, and biotechnology.