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Plug Power and SK Group Complete $1.6 Billion Capital Investment to Build Hydrogen Economy in Asian Markets - Seite 2

Nachrichtenquelle: globenewswire
25.02.2021, 13:05  |  319   |   |   

SK Group, the third largest conglomerate in South Korea with its largest businesses primarily involved in energy industries, is committed to build sustainable green energy value chains in Korea and Asian markets. As such, SK Group is a highly attractive strategic capital investor for Plug Power’s established strategy for building out the hydrogen economy and accelerating expansion into Asian markets.

Going forward, SK and Plug Power are set to form a joint venture company to build the hydrogen ecosystem in Korea and jointly make inroads into Asian markets. The goal of the Asia JV is to establish a gigafactory in Korea by 2023 to produce fuel cells and electrolyzers, and later provide them in broader Asian markets with a substantial cost reduction.

SK Group owns approximately 9.6% of the issued and outstanding shares of Plug Power’s common stock immediately following the investment. This investment represents the largest U.S. clean energy PIPE in the last 20 years (based on the PrivateRaise PIPE database for transactions that have closed and includes common stock, preferred stock, convertible preferred stock and convertible debt).

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers. Learn more at www.plugpower.com.

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Plug Power and SK Group Complete $1.6 Billion Capital Investment to Build Hydrogen Economy in Asian Markets - Seite 2 - 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 …

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