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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. ....

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