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NEW YORK, Feb. 25, 2021 /PRNewswire/ SK Group, South Korea s largest energy provider and third-largest conglomerate, announced today the close of a $1.6 billion investment and strategic partnership with Plug Power Inc., a leading provider of hydrogen fuel cell and fueling solutions enabling e-mobility. The partnership is part of a long-term, multi-billion dollar plan by SK to help lead the global transition to a hydrogen economy and make meaningful progress toward a more sustainable energy system.
SK Group and Plug Power Inc. announced Thursday the close of SK’s $1.6 billion investment in Plug Power to partner on accelerating hydrogen as an alternative energy source in Asia markets. Pictured here (from left to right) at the investment ceremony in Seoul, South Korea, are: Jeong-joon Yu, Vice Chairman & CEO of SK E&S; Hyeongwook Choo, CEO of SK E&S and Head of Hydrogen Business Development Center of SK Holdings; Andrew J. Marsh, CEO of Plug
SK Group to invest $1.5 billion in hydrogen mobility
Hydrogen fuel cell maker Plug Power and South Korea’s SK Group will form a strategic partnership to accelerate hydrogen as an alternative energy source in Asian markets.
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January 11, 2021
Through a $1.5 billion investment, Plug Power and SK Group intend to provide hydrogen fuel cell systems, hydrogen fueling stations, and electrolyzers to the Korean and broader Asian markets.
In January 2019, the South Korea government announced the Hydrogen Economy Roadmap through 2040, with ambitious goals – over 5 million tons of hydrogen per year, over 6 million fuel cell EVs, 1,200 refilling stations and 15 GW of fuel cell power generation, and expects the cumulative economic value of its hydrogen economy to reach $40 billion by 2040.
Plug Power and South Korean SK Group to Form a Strategic Partnership to Accelerate Hydrogen Economy Expansion in Asian Markets; Plug Power to Receive $1 5 Billion Strategic Investment From SK Group – Padovanews padovanews.it - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from padovanews.it Daily Mail and Mail on Sunday newspapers.
South Korean SK Group invests $1.5bn in US hydrogen fuel cell manufacturer Plug Power
SK Group will take a 9.9% stake in Plug Power and together they will form a joint venture to promote hydrogen fuel cell products in Asian markets
Image: Shutterstock
South Korea’s third-largest conglomerate SK Group has announced a $1.5 billion (£1.1bn) investment in the US hydrogen fuel cell manufacturer Plug Power.
The agreement will see SK Group receive a 9.9% stake in Plug Power and form a joint venture aimed at promoting hydrogen fuel cell products in Asia.
With this partnership, the companies intend to provide hydrogen fuel cell systems, hydrogen fuelling stations and electrolysers to the Korean and other Asian markets.