The power plant is located within Lotte Chemical's Ulsan plant. Construction is scheduled to begin in March 2024, and the company raised funds for the project in May of the same year for approximately 77.2 billion won (approximately 8.2 billion yen).
The plant plans to receive by-product hydrogen from a subsidiary of SK Gas and an affiliate of Lotte Chemical and produce about 160 gigawatt-hours of electricity per year for 20 years.
The company is characterized by its business model that does not emit carbon dioxide (CO2). It also aims to improve energy efficiency by reusing waste heat to generate electricity.
This will also contribute to reducing greenhouse gas emissions. It is expected that distributed power sources will become more widespread in Ulsan. Since its establishment in September 2022, Lotte SK Enerute has been working to expand Korea's hydrogen industry.
Starting with Ulsan Hydrogen Power No. 2, a total of four hydrogen power plants are expected to start operating in stages by November 2026, with a total power generation capacity of 80 megawatts.
Lotte Chemical CEO Lee Yeonjun said, "We will improve our technological capabilities in all processes, from hydrogen production to distribution, utilization and technology development."
2025/06/27 09:27 KST
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