LOTTE Fine Chemical Partners With U.S. Amogy on Ammonia-Based Clean Energy

LOTTE Fine Chemical (004000) has signed a memorandum of understanding with Amogy, a U.S. developer of ammonia-based hydrogen production and power generation systems, to cooperate on clean energy projects. The plan is to combine LOTTE Fine Chemical's ammonia distribution network with Amogy's ammonia cracking and power generation technology to build a foundation for growth in South Korea's clean hydrogen and power markets.

LOTTE Fine Chemical said on the 10th that it signed the agreement with Amogy at its Seoul office on the 9th. Chung Seung-won, chief executive of LOTTE Fine Chemical, and Woo Seong-hoon, chief executive of Amogy, attended the ceremony along with other officials from both companies. Shin Yu-yeol, head of the future growth office at Lotte Corp. (004990), also attended, lending weight to the expansion of the business.

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Under the agreement, the two companies will explore cooperation in three areas: building green hydrogen refueling stations, distributed green ammonia power generation, and supplying green ammonia as a marine fuel, known as bunkering.

For refueling stations, LOTTE Fine Chemical will look at supplying green ammonia through its overseas procurement channels and domestic infrastructure, with Amogy's modular ammonia cracking systems producing and supplying hydrogen directly on site. In distributed green ammonia power generation, LOTTE Fine Chemical will handle ammonia supply and storage while Amogy provides ammonia-fueled power modules based on fuel cells and internal combustion engines, targeting power solutions for commercial facilities and local communities. The bunkering work will draw on LOTTE Fine Chemical's infrastructure at Ulsan Port to supply ammonia fuel to vessels carrying the power modules Amogy is developing.

LOTTE Fine Chemical, which operates Asia's largest ammonia distribution infrastructure, imported green ammonia in March in what it described as a world first, and in April carried out the first commercial bunkering of green ammonia as a ship fuel, positioning itself at the forefront of building a global clean ammonia supply chain.

"Through cooperation with Amogy, we expect to expand our existing infrastructure into a range of applications including hydrogen production and power generation, and to contribute to invigorating the domestic clean ammonia and hydrogen economy," said Hwang Seok-min, head of the ammonia business division at LOTTE Fine Chemical. Woo, the Amogy chief executive, said the company would work to combine LOTTE Fine Chemical's supply chain and infrastructure with Amogy's ammonia-based hydrogen production and power generation technology to produce meaningful results in hydrogen refueling, distributed power generation and shipping.