Seoul energy storage equipment plug factory

How will SK E&S & Plug Power Invest in Korea's hydrogen projects?

SK E&S and New York-based Plug Power will together invest1 trillion won($750 million) in Korea's hydrogen projects in a move towards green energy production. The investments include a factory for hydrogen equipment and a research center for core technologies. SK E&S will invest 510 billion won, while Plug Power will invest 490 billion won.

Did SK E&S buy plug power?

SK E&S and SK Inc. bought 9.9 percent Nasdaq-listed Plug Power in January 2021 for $1.5 billion. SK E&S and Plug Power established a joint venture, SK Plug Hyverse, last year to proceed with the hydrogen business in Korea.

Why is SK E&S launching a joint venture with Plug Power?

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.

When did SK es and Plug Power start working together?

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 6 th , executives from Plug Power and SK ES

What is Plug Power & how does it work?

The process injects hydrogen directly, getting attention as an environmentally friendly power source that produces only clean water, electricity and heat. The joint venture builds on the technology leadership of Plug Power, which already provides forklifts embedded with hydrogen fuel cells to the major global companies.

Is plug power expanding into the global market?

Plug Power is also expanding into the global market. Plug Power has been strengthening its global partnership by establishing joint ventures with France-based car maker Renault and Acciona, the largest renewable energy company in Spain, earlier this year.