What is going on with PLUG?
Plug Power Inc. (PLUG) and SK E&S, part of South Korea’s SK Group, announced today that the companies have formed a joint venture designed to accelerate the use of hydrogen as an alternative energy source in Asian markets.
Through the agreement, the two companies will collaborate to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers, and green hydrogen to the Korean and other Asian markets.
Plug is a leading provider of turnkey hydrogen solutions. Shares of PLUG increased 0.21% to $24.42 Wednesday morning.
What does this mean for Plug Power?
The two companies began working together in early 2021 when SK Group made a $1.6 billion capital investment in Plug Power and announced a strategic partnership to accelerate the expansion of the hydrogen economy throughout Asia.
The current joint venture is significant as it allows the new entity to enter the South Korean hydrogen market and build key hydrogen refueling stations and hydrogen infrastructure.
Plug Power’s CEO Andy Marsh, commented, “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."
In January 2019, the South Korean government announced the Hydrogen Economy Roadmap through 2040, which aims to create 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.
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Plug Power Inc is an innovator of modern hydrogen and fuel cell technology. It has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable and cost-effective way. The company's GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, the company replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Its ProGen platform of modular fuel cell engines empowers OEMs and system integrators to adopt hydrogen fuel cell technology.
