Green hydrogen global company Plug Power signed a joint venture with South Korean SK E&S to accelerate the expansion of hydrogen economy in Asian markets. The two companies intend to cooperate “to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and green hydrogen to the Korean and other Asian markets”, as stated in the official press release. The signing ceremony was held some days ago, on October 6, at the SK Seoring Building in Seoul. In early 2021, SK had already invested 1.6 billion US dollars in Plug Power. Here’s a recent news about Plug Power purchasing 20 Gaussin hydrogen-powered yard trucks.
Plug Power and SK E&S: the details of the agreement
According to the official release, SK E&S and Plug Power will own 51 percent and 49 percent, respectively, of the joint venture. Plug Power and SK will hold an equal number of board seats, and any material decisions must be made unanimously. What’s really important is the target of the joint venture, that is to build a gigafactory in a key metropolitan area in South Korea by 2024, with mass capacity for hydrogen fuel cells and electrolyzer systems and plans to supply domestic and certain overseas markets in Asia. Over time, the joint venture also plans to assume the role of distributing liqueêed hydrogen produced by SK E&S to around 100 charging stations all over the Asian nation.
The official statements
Choo Hyeongwook, President and CEO of SK E&S, said: “The establishment of the joint venture is meaningful as it secures the basis to enter the Asian market based on hydrogen related core technologies owned by Plug Power. It will provide SK E&S with a unique opportunity to build a powerful hydrogen ecosystem with Plug Power, including green hydrogen production using electrolyzer technology”.
In response, Plug Power’s CEO Andy Marsh, said: “With SK E&S by our side, we’re incredibly proud to bring the green hydrogen revolution to South Korea and other Asian markets. Plug Power has proven its ability to scale hydrogen infrastructure quickly, expertise which aligns perfectly with SK’s exceptional local knowledge, capabilities, and vision for a green future. Here in South Korea, we’re thrilled to be working alongside SK to create a vast tapestry of hydrogen refueling stations and key hydrogen infrastructure, which will power industries throughout South Korea and beyond, while helping governments and municipalities reach sustainability goals”.