(Latham, NY/USA) – The US fuel cell manufacturer Plug Power Inc. and the South Korean SK Group have now sealed the previously announced agreement under which the companies will jointly invest 1,6 billion dollars (1,3 billion euros) to develop the use of hydrogen as an alternative energy source to accelerate in Asian markets. As reported, Plug Power wants to gain a foothold in the Asian hydrogen economy.
Maximize synergies
“Plug Power has been aggressively building the hydrogen economy in North America, and it is clear that SK Group shares the vision of building a large-scale hydrogen economy in Asia,” said Andy Marsh, CEO of Plug Power. “SK will maximize the synergies between the two companies in the global hydrogen market by combining SK's domestic and foreign energy infrastructure and business capabilities with Plug Power's technology,” said Hyeongwook Choo, president and CEO of SK E&S.
The SK Group is the third largest conglomerate in South Korea, whose largest business areas are primarily in the energy sector. The initial goal is to build a “Gigafactory” in Korea by 2023 to produce fuel cells and electrolyzers and offer them in Asia. With the investment, SK Group holds approximately 9,6 percent of Plug Power's common shares.
Korea's roadmap extends to 2040
In January 2019, the South Korean government published its “Hydrogen Economy Roadmap”. According to this, South Korea wants to produce more than five million tons of hydrogen per year by 2040, put more than six million fuel cell vehicles on the road, build 1.200 filling stations and install hydrogen power plants to generate electricity with an output of 15 gigawatts. The country expects the hydrogen economy to have a cumulative economic value of around $2040 billion by 40.
Almost $340 million in sales in 2020
According to financial data released in February, Plug Power had gross sales of $2020 million in 337,4. In the fourth quarter alone it was $96,3 million. Fuel cell sales totaled 9.800 units (Q4 2020: 2.200).
deep link
https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/Plug-Power-and-SK-Group-Complete-1.6-Billion-Capital-Investment-to-Build-Hydrogen-Economy-in-Asian-Markets/default.aspx
https://s21.q4cdn.com/824959975/files/doc_financials/2020/q4/Q4-YE-Investor-Letter-formatted-FINAL2.pdf
Photos
SK and Plug Power seal their strategic partnership / © Plug Power Inc.
