South Korean conglomerate SK Group said on Tuesday it plans to invest 18.5 trillion won (US$16.5 billion) over the next five years to establish a domestic hydrogen energy industry.
SK Group Bets on Negative-Revenue Plug Power
Posted on 02/27/2021
SK Group is the third largest conglomerate in South Korea. SK Group, through its unit Grove Energy Capital LLC, closed a US$ 1.6 billion investment and strategic partnership with Plug Power Inc. (ticker: PLUG), a provider of hydrogen fuel-cell and fueling solutions enabling e-mobility. SK Group owns approximately 9.6% of the issued and outstanding shares of Plug Power’s common stock immediately following the investment.
SK Group sees tremendous opportunity in the possible global transition to a hydrogen economy. There is a plan to form a joint venture company in Asia. he goal of the Asia JV is to establish a gigafactory in Korea by 2023 to produce fuel cells and electrolyzers. The companies previously announced entering into a definitive agreement in connection with the investment on January 6, 2021.
SK Group closes $1.6B investment in Plug Power to advance hydrogen strategy; new Hydrogen Business Development Center
SK Group, South Korea’s largest energy provider and third-largest conglomerate, announced the close of a $1.6-billion investment in and strategic partnership with Plug Power Inc., a leading provider of hydrogen fuel cell and fueling solutions enabling e-mobility. (Earlier post.)
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.
Recognizing the importance of hydrogen as a clean alternative to traditional energy sources, SK Group has heightened its focus on building the infrastructure and developing the technology to make hydrogen energy a reality for global markets.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Plug Power and SK Group Complete $1.6 Billion Capital Investment to Build Hydrogen Economy in .
Plug Power, Inc.February 25, 2021 GMT
- SK and Plug Power had a virtual signing ceremony, setting the stage for successful joint projects to come including forming a JV
- Through a JV in Asia, the two companies are set to establish a fuel cell factory and accelerate the expansion into Asian markets including China
LATHAM, N.Y., Feb. 25, 2021 (GLOBE NEWSWIRE) Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, and SK Group, one of the leading South Korean business groups, announce the completion of the $1.6 billion capital investment to partner in accelerating hydrogen as an alternative energy source in Asian markets. In celebration of kicking off the new partnership, including a plan to form a joint venture company in
Share this article
Share this article
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