Sumitomo, Lotte sign ammonia, hydrogen MoU
SUMMARY
The companies will look for joint investment in hydrogen and ammonia production projects in Australia, Chile, and other regions.
By Shardul SharmaPOSTED IN:
Japan’s Sumitomo Corp. has concluded a memorandum of understanding with Korea’s Lotte Chemical for collaboration in the hydrogen and ammonia fields, it said on September 30.
The companies will look for joint investment in hydrogen and ammonia production projects in Australia, Chile, and other regions and the establishment of value chains in Japan and Korea. They also plan to develop ammonia storage terminals in Japan and Korea and collaboration in the CCUS field.
In August this year, Sumitomo, Lotte, and US-based start-up Syzygy Plasmonics agreed to conduct a joint demonstration test of hydrogen production by ammonia decomposition using photocatalyst in Korea.
Sumitomo said it considers hydrogen and ammonia as one of the key energy sources in a decarbonised society. In the ammonia field, it will consider and promote an ammonia bunkering business in Singapore, design and development of ammonia-fueled ships, and development of infrastructure for marine transportation and storage.
“Through these efforts, we aim to handle 300,000 metric tons of hydrogen by 2030, which is approximately 10% of the Japanese government's target for hydrogen imports, thereby securing a leading position in Japan,” the company said.
