(Latham, USA / Seoul, South Korea) – U.S. hydrogen solutions provider Plug Power Inc. and SK E&S Co. Ltd., part of South Korea's SK Group, plan to form a 49:51 joint venture to accelerate the use of hydrogen as an alternative energy source in Asian markets. According to the information, fuel cell systems, hydrogen filling stations and electrolysers are to be built and green hydrogen is to be produced for Korea and other Asian markets.
The two companies' collaboration began in early 2021, when SK Group invested $1,6 billion (€1,4 billion) in Plug Power and announced a strategic partnership to accelerate the expansion of the hydrogen economy across Asia (we reported). SK therefore holds almost ten percent of Plug Power.
Choo Hyeongwook, president and chief executive officer of SK E&S, said at the signing that the establishment of the joint venture is "of great significance" and creates the "foundation for Plug Power to enter the Asian market." According to Andy Marsh, Chief Executive Officer of Plug Power, SK E&S has a unique opportunity to “build a powerful hydrogen ecosystem” together with Plug Power.
In 2024, the joint venture plans to build a gigafactory for the mass production of fuel cells and electrolysers for domestic and overseas markets in Asia. SK E&S will distribute liquid hydrogen at around 100 charging stations across the country. A research center is being built in Gyeonggi Province near Seoul. The group wants to produce 2023 tons of liquid hydrogen annually from 30.000. From 2025 onwards, this will increase to 250.000 tonnes per year using natural gas and CCS technology. The SK Group is the third largest conglomerate in South Korea, whose business areas are primarily located in the energy sector.
South Korea also serves as a springboard for Siemens into the Asian market
The Korean market is competitive. In mid-September, barely four weeks ago, Siemens Energy and the Korea Gas Corporation (KOGAS) signed a memorandum of understanding (MoU). This is the beginning of “a strategic alliance for the production of green hydrogen and the construction of hydrogen turbines to generate electricity.” KOGAS is the largest natural gas company in the country.
In January 2019, South Korea announced that it would produce more than five million tons of hydrogen per year by 2040, put more than six million fuel cell vehicles on the roads, build 1.200 gas stations and install 15 gigawatts of electricity generation capacity using fuel cells. The government expects hydrogen value creation to be worth $40 billion as part of this program.
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https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/Plug-Power-and-South-Koreas-SK-ES-Form-Joint-Venture-to-Accelerate-Expansion-of-Hydrogen-Economy-in-Asian-Markets/default.aspx
Photos
Plug Power and SK want to roll out the Asian hydrogen market. © Plug Power
