Plug Power and South Korea’s SK E&S Form Joint Venture to Accelerate Expansion of Hydrogen Economy in Asian Markets
October 06 2021 - 7:00AM
Plug Power and South Korea’s SK E&S Form Joint Venture to
Accelerate Expansion of Hydrogen Economy in Asian Markets
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, 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 this initiative, 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.
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. On October 6th, executives
from Plug Power and SK E&S gathered at the SK Seorin Building
for a signing ceremony.
Choo Hyeongwook, the President and Chief Executive Officer 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 Chief Executive Officer Andy Marsh,
who also attended the signing, 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.”
In January 2019, the South Korea government announced the
Hydrogen Economy Roadmap through 2040, with ambitious goals,
including: 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, and outlined its expectation that the cumulative
economic value of its hydrogen economy will reach approximately $40
billion by 2040. Plug Power has proven its ability to scale
hydrogen infrastructure quickly. In North America, the company has
built a robust network of over 150 hydrogen refueling stations,
which are already powering hydrogen powered fleets in numerous
industries, while the company’s on-site hydrogen fuel cell
technology provides resilient, reliable backup power for businesses
and institutions. For Plug Power, the joint venture with SK
provides a unique opportunity to establish a foothold in the Asian
market with one of South Korea’s leading industrial
conglomerates.
The joint venture plans 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
liquefied hydrogen produced by SK E&S to around 100 charging
stations nationwide.
SK E&S and Plug Power will own 51% and 49%,
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.
To learn more about the potential for green hydrogen in Asia,
tune into the Plug Symposium on October 14, 2021. Register today at
https://cvent.me/lz49q2.
About Plug PowerPlug Power is building the
hydrogen economy as the leading provider of comprehensive hydrogen
fuel cell turnkey solutions. The Company’s innovative technology
powers electric motors with hydrogen fuel cells amid an ongoing
paradigm shift in the power, energy, and transportation industries
to address climate change and energy security, while meeting
sustainability goals. Plug Power created the first commercially
viable market for hydrogen fuel cell technology. As a result, the
Company has deployed over 40,000 fuel cell systems for e-mobility,
more than anyone else in the world, and has become the largest
buyer of liquid hydrogen, having built and operated a hydrogen
highway across North America. Plug Power delivers a significant
value proposition to end-customers, including meaningful
environmental benefits, efficiency gains, fast fueling, and lower
operational costs. Plug Power’s vertically-integrated GenKey
solution ties together all critical elements to power, fuel, and
provide service to customers such as Amazon, BMW, The Southern
Company, Carrefour, and Walmart. The Company is now leveraging its
know-how, modular product architecture and foundational customers
to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers. Learn more
at www.plugpower.com.
Safe Harbor StatementThis communication
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve
significant risks and uncertainties about Plug Power Inc.(“PLUG”),
including but not limited to statements about PLUG’s expectations
regarding the timing and scope of, and plans for, the announced
joint venture with SK E&S, including the building and operation
of a gigafactory, the production of green hydrogen, fuel cell
systems, hydrogen fueling stations and electrolyzers and the
expected pricing of same, and the distribution of liquefied
hydrogen, and the expectations regarding PLUG’s opportunity to
establish a foothold in the hydrogen economy and the growth and
expansion of the hydrogen economy in Asian markets, . You are
cautioned that such statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times that, or by which, such performance or
results will have been achieved. Such statements are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of PLUG in general, see PLUG’s public
filings with the Securities and Exchange Commission, including the
“Risk Factors” section of PLUG’s Annual Report on Form 10-K for the
year ended December 31, 2020 and Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2021 and June 30, 2021. Readers are
cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
SOURCE: PLUG POWER
Plug Power Media ContactCaitlin CoffeeAllison +
PartnersplugPR@allisonpr.com
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