Plug Power, South Korea's SK to Promote Hydrogen

Nasdaq-listed Plug Power and South Korea’s SK Group in a January 6 joint statement said they intend to form a strategic partnership to accelerate hydrogen as an alternative energy source in Asian markets.  

The companies plan to provide hydrogen fuel cell systems, hydrogen fuelling stations, and electrolysers to the South Korean and broader Asian markets. In addition to this, SK Group has also agreed to make a $1.5bn strategic investment in Plug Power and will form a joint venture company in South Korea.  

“The combination of SK Group’s significant presence and leadership throughout Asia’s energy industry and its strategic direction on portfolio transformation to green via hydrogen economy with Plug Power’s leadership in hydrogen fuel cell systems, fueling stations and green hydrogen generation represents a powerful team to accelerate the growth of hydrogen economy in Asian markets,” they said. 

SK Holdings, a unit of SK Group, last month said it is looking to enter the hydrogen industry and has set up a new unit dedicated for the purpose. SK Holding's new unit consists of 20 experts from SK Group’s energy-related units such as SK Innovation and SK E&S.  

SK E&S plans to build a 30,000 metric tons/year liquefied hydrogen production facility by 2023 to supply liquefied hydrogen to the large urban areas. The company, South Korea’s largest LNG supplier, is also looking to operate an eco-friendly blue hydrogen mass production system. It imports more than 3mn mt/yr of LNG and plans to additionally produce 250,000 mt of blue hydrogen from 2025 by using natural gas. SK Holdings is planning to produce green hydrogen as well, using renewable energy such as solar and wind power. 

Plug Power provides hydrogen fuel cell and fuelling solutions. The company has deployed over 40,000 fuel cell systems for e-mobility and is a major buyer of liquid hydrogen, having built and operated a hydrogen highway across North America.