Plug Power and SK E&S partner up to boost green hydrogen economy in Asian markets

Plug Power and SK E&S partner up to boost green hydrogen economy in Asian markets

October 8, 2021 0 By Bret Williams

The companies have formed a joint venture to construct a gigafactory for electrolyzer production.

Plug Power Inc (NASDAQ stock symbol PLUG) and SK E&S have announced that they have formed a joint venture to help accelerate green hydrogen as an alternative energy source in Asian markets.

The companies will be working together to provide the necessary systems, stations and equipment.

Plug Power is a leading turnkey H2 solutions provider for the global green hydrogen economy. SK E&S is a part of the SK Group in South Korea. Through the joint venture they’ve formed together, the companies are entering into a collaboration for providing H2 fuel cell systems, fueling stations, electrolyzers and green H2 to Asian markets, such as South Korea.

The companies first started working together earlier this year following a $1.6 billion capital investment SK Group made into Plug Power. They then announced that they had formed a strategic partnership for the acceleration and broadening of Asia’s H2 economy. Earlier this week, Plug Power and SK E&S executives gathered at the SK Seorin Building for a ceremony to mark the signing.

Green hydrogen - Asia map

The joint venture is expected to play a meaningful role in green hydrogen expansion in Asia.

“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,” said SK E&S President and CEO Choo Hyeongwook.

“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,” added Andy Marsh, Plug Power CEO in a response statement about the joint green hydrogen efforts.

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