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Lotte Chemical to pour $8bn into battery materials and hydrogen

Focus on growth fields to help nearly triple overall revenue by decade's end

Lotte Chemical unveils a plan to step up investment in battery materials and hydrogen energy at an event in Seoul on May 19. (Photo courtesy of Lotte Chemical)

SEOUL -- Lotte Chemical will spend 10 trillion won ($7.9 billion) on new operations in battery materials and hydrogen energy by 2030 under a long-term management strategy unveiled Thursday, aiming to form a solid foundation in these fast-growing fields and ease its dependence on petrochemicals.

The new plan builds on the South Korean company's previously announced target of 50 trillion won in total revenue by that year -- up 180% or so from the 2021 figure.

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