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Lotte Group has donated ₩14 billion or about $10.4 million to the Korea Advanced Institute of Science & Technology (KAIST), and this was announced on Monday, Aug. 29. It was reported that the donated fund is going to be used to build a new research and development (R&D) facility and design centers inside the campus.
According to Korea Joongang Daily, with Lotte Group's latest donation, KAIST is set to open two R&D hubs by the second half of 2025. The officials are naming the buildings after the multinational conglomerate company - one will be called the Lotte-KAIST Sustainability Research Institute while the other is simply Lotte-KAIST Design Center.
The South Korean firm will work on the research and development centers with KAIST once the buildings are completed. It was mentioned that the first building is dedicated to the development of technologies that will help achieve carbon neutrality.
The researchers at the R&D facility will mostly work on applied sciences for making biodegradable plastic. They will also formulate methods to manufacture renewable energy such as green hydrogen and biofuel. The former is said to be the most environmentally-friendly type of hydrogen that is produced via solar and wind power.
Lotte Corporation said that the donated money came from 10 of Lotte's subsidiaries and affiliates including the Lotte Corporation, Lotte Confectionery, Lotte Chemical, Lotte Shopping, and Lotte Fine Chemical. All of these companies that contributed to the donation are getting the technologies that will be created at the center in KAIST and the firms will use them to make new eco-friendly products.
In any case, before commercializing the products, these will be tested by students and residents living close to the university first. After a successful test run, they will be ready for release.
As for the Lotte-KAIST Design Center, it will mainly focus on designing products that reduce waste. Moreover, It will also pave the way for the company to enter the metaverse as it will be working on virtual products that can be utilized in the virtual world.
The Korea Herald reported that the announcement related to the donation came six months after Lotte Group chairman Shin Dong Bin held a meeting with KAIST's president Lee Kwang Hyung at the university's campus in Daejeon in February.
"We wish to convey our impression and gratitude towards Lotte's insightful decision for future innovation and the bold donation decision to take action," Lee said in a statement. "We hope innovative achievements will be born to lead the future retail businesses and promote sustainable development of the Earth and mankind in a research space where industry and academia integrate freely."
