Lotte Chemical establishes U.S. subsidiary

Recently, South Korea's Lotte Chemical announced that the company has established a subsidiary in the United States called Lotte Battery Materials America, which will be responsible for the battery materials business in the United States.

Through the subsidiary, Lotte Chemical plans to expand its business base in a number of ways, such as by acquiring technology-owned companies and establishing joint ventures, targeting the import-dependent and potentially profitable U.S. battery market. As part of Lotte Chemical's 2030 growth strategy, Lotte Chemical plans to develop the Battery Materials Group into a core company in the supply chain that connects electric vehicles (EVs), batteries and materials to meet the needs of environmentally friendly vehicles as well as new energy and renewable energy Expansion of renewable energy.

Previously, Lotte Chemical and Sasol Chemical agreed to conduct a pre-feasibility study for a joint venture project that will build a factory to produce battery-grade electrolyte solvents. Lotte Chemical will also invest 140 billion won to expand the production of electrolyte solvents at its Daesan plant in South Korea, which will increase the production of ethyl methyl carbonate (EMC) and diethyl carbonate (DEC). In February, the company also decided to invest 602 billion won to build a battery electrolyte organic solvent plant and carbon dioxide collection and liquefaction facility, and to expand its ethylene oxide adduct (EOA) and high-purity ethylene oxide in Daesan, South Korea (HPEO) factory.