LG Chem plans to build a hydrogen plant in South Korea to produce 50,000 tonnes of hydrogen annually, commencing in 1H23, to be completed by 2Q24. The new plant is expected to employ technology, which converts methane to hydrogen by creating a chemical reaction under high-temperature steam. The plant is a key component of LG Chem's strategy to increase its use of renewable energy such as hydrogen in the NCC process by up to 70% by 2025, as well as to the company's plans to actively utilize hydrogen in the production of renewable bio feedstocks such as hydro-treated vegetable oils. As part of its plan, LG Chem plans to cooperate with Taekyung Chemical, the largest carbonic acid gas producer in Korea using high-purity CO2 as raw material, although no financial details have been disclosed as yet.

Source: Reuters