Plug Power and SK Group Complete $1.6 Billion Capital Investment to Build Hydrogen Economy in Asian Markets

- SK and Plug Power had a virtual signing ceremony, setting the stage for successful joint projects to come including forming a JV

- Through a JV in Asia, the two companies are set to establish a fuel cell factory and accelerate the expansion into Asian markets including China

LATHAM, N.Y., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, and SK Group, one of the leading South Korean business groups, announce the completion of the $1.6 billion capital investment to partner in accelerating hydrogen as an alternative energy source in Asian markets. In celebration of kicking off the new partnership, including a plan to form a joint venture company in Asia, the executives of SK and Plug Power had a virtual deal closing ceremony on the 24th.

The companies previously announced entering into a definitive agreement in connection with the investment on January 6, 2021. SK Group brings significant presence and leadership throughout the Asia’s energy industry and a commitment to a sustainable future. Plug Power provides our global leadership in hydrogen fuel cell systems, fueling stations and green hydrogen generation. This partnership represents a powerful team to accelerate the growth of the hydrogen economy in Asian markets.

In January 2019, the South Korea government announced the Hydrogen Economy Roadmap through 2040, with ambitious goals, including: over 5MM tons of hydrogen per year, over 6MM fuel cell EVs, 1,200 refilling stations and 15 GW of fuel cell power generation, and expects the cumulative economic value of its hydrogen economy to reach ~$40 billion by 2040. Plug Power has proven its ability to scale a hydrogen business in North America as a global leader in the hydrogen economy. The opportunity to partner with SK presents an attractive and timely opportunity to establish a foothold in this market with one of South Korea’s leading industrial conglomerates.

“Plug Power has been aggressively building out the hydrogen economy in North America, and it is clear that our partner, SK Group, shares the same vision to build out a big hydrogen economy in Asia,” said Andy Marsh, CEO of Plug Power.

“SK will maximize the synergy between the two companies in the global hydrogen market by combining SK's domestic and foreign energy infrastructure, business capabilities, and plug-power's world-class hydrogen business portfolio and technology,” said Hyeongwook Choo, President & CEO of SK E&S.