Lotte Chemical is reportedly set to invest 4.4 trillion won ($3.7bn) in the hydrogen ecosystem to bolster not only Korean decarbonisation but also around the world.

This is according to Pulse News, with the news agency stating that Lotte will invest the finances to support its next growth engine in addition to battery materials by 2030.

The aim of this will see the company target earning 3 trillion won ($2.5bn) in sales and achieve a 10% operating margin as it looks to take a greater chunk of the hydrogen market.

Pulse news additionally state that Lotte will unveil its nationwide hydrogen business value chain by Q1 of 2022 and aim to build its hydrogen refuelling station network across the country by 2023.