Itochu Corporation announced on July 22 that it will collaborate with South Korean chemical manufacturer Lotte Chemical for projects utilizing hydrogen and ammonia, both of which are expected to become next-generation fuels. Itochu plans to promote the practical application of fuel that does not emit carbon dioxide (CO2) when burned in order to contribute to decarbonization efforts.
The two companies have signed a memorandum of understanding on the project. They will discuss investment in production equipment and possible areas of cooperation with regard to hydrogen in addition to jointly procuring ammonia.
Itochu is developing a ship fueled by ammonia to build a supply network for ammonia and hydrogen. Lotte Chemical aims to supply 1.2 million tons of hydrogen in 2030. Lotte Chemical will speed up the commercialization of its hydrogen and ammonia projects by partnering with a company in a neighboring country.