Plug Power Inc. a respected provider of hydrogen gas cell and fueling solutions e-mobility that is enabling and SK Group, among the leading South Korean business groups, announced today that the businesses intend to form a strategic partnership to accelerate hydrogen as a substitute energy source in Asian markets.
Through this partnership, Plug Power and Group that is SK intend provide hydrogen fuel cellular systems, hydrogen fueling channels, and electrolyzers to your Korean and broader Asian markets. The businesses have also entered right into a definitive contract for SK Group to create a $1.5 billion strategic investment in Plug Power and so are announcing an idea to form a joint venture company in Southern Korea to aid the rapidly growing Asian Market in conjunction with this particular partnership.
The mixture of SK Group’s existence that is significant leadership throughout Asia’s energy industry as well as its strategic way on profile transformation to green via hydrogen economy with Plug Power’s leadership in hydrogen gas cellular systems, fueling stations and green hydrogen generation represents a strong team to speed up the growth of hydrogen economy in Asian areas.
In January 2019, the Southern Korea federal government announced the Hydrogen Economy Roadmap through 2040, with committed objectives, including: over 5MM tons of hydrogen per year, over 6MM fuel cellular EVs, 1,200 refilling channels and 15 GW of fuel cellular power generation, and expects the cumulative value that is financial of hydrogen economy to reach ~$40Bn by 2040.
Plug Power has proven its capability to scale a hydrogen business in united states being a leader that is international the hydrogen economy. The chance to partner with SK gift suggestions a nice-looking and opportunity that is timely establish a foothold in this market with certainly one of Southern Korea’s leading commercial conglomerates. Plug Power Inc. a respected provider of hydrogen gas cell.
“SK Group possesses an founded strategy for building out the hydrogen economy in South Korea and beyond,” said Andy Marsh, CEO for Plug energy. “The current relationship with SK Group provides immediate strategic advantageous assets to Plug Power to speed up its expansion into Asian areas – and it is designed to cause a formal joint venture (JV) by 2022. Because of the complementary strengths in this partnership, we anticipate rapid growth and income that is significant through the joint venture which are incremental to your 2024 plan.”