Lotte Chemical's First Participation at US CES... Showcasing CCU and Vanadium Battery Technologies

CES 2023 Seoul Pavilion Lotte Chemical Exhibition Zone. Photo by Lotte Chemical

[Asia Economy Reporter Jeong Dong-hoon] Lotte Chemical announced on the 3rd that it will participate for the first time in CES 2023, the world's largest international electronics exhibition held in Las Vegas, USA, from the 5th to the 8th (local time).

They will showcase CCU (Carbon Capture, Utilization) technology, the future battery material VIB ESS (Vanadium Ion Battery Energy Storage System), and eco-friendly specialty material technology.

Lotte Chemical will participate in the Seoul Pavilion operated by the Seoul Metropolitan Government and the Seoul Business Agency (SBA), introducing future technologies to global customers together with eight promising startups possessing advanced technologies.

The carbon capture and utilization technology introduced by Lotte Chemical is the first in the domestic chemical industry to demonstrate new technology using gas separation membranes. It is expected to strengthen ESG (Environmental, Social, and Governance) management by reducing emission allowance purchase costs, securing technology for business expansion, and responding to global carbon neutrality.

Since 2020, demonstration operations have been conducted to verify the performance of gas separation membranes for carbon capture. Based on data collected and analyzed during the demonstration process and operational technology, they are promoting the commercialization of membrane carbon capture at the Daesan plant, the first among global chemical companies.

The VIB (Vanadium Ion Battery) ESS (Energy Storage System) presented to visitors is a battery that fundamentally eliminates fire risk by using a water-based electrolyte. It is attracting attention as the next-generation battery for energy storage systems (ESS), which are expected to grow in various fields such as industrial and residential use. Lotte Chemical holds about 15% equity (approximately 65 billion KRW investment) in 'Standard Energy,' a vanadium ion battery manufacturer, as the second-largest shareholder and is building various cooperative relationships.

Meanwhile, Kim Gyo-hyun, Vice Chairman of Lotte Chemical, said in the 2023 New Year's address, "2022 was a year to set a new future direction for the company and to systematically prepare to achieve it," adding, "In 2023, we will strive to generate stable profits through fundamental restructuring of the business structure by developing new products in line with changing trends and proactively responding to regulations."