|Hydrogen fuel cell maker Plug Power will expand its operation in Vietnam, South Korea, and China through a joint venture with SK Group|
US-based Plug Power is planning to co-operate with South Korean behemoth SK Group through a joint venture to expand to these countries.
According to Nikkei Asia , the two sides will set up a factory in South Korea by 2023 to produce fuel cells and electrolysers that extract “green hydrogen” from water using renewable energy.
Such products would be used “especially in South Korea, but we also believe, based on SK Group’s partnerships, in China and Vietnam”, said Andrew Marsh, president and CEO of Plug Power.
Marsh also noted that Asia would be an important part of their target of achieving revenue of $1.7 billion by 2024, from $337 million in gross billings in 2020, wrote Nikkei.
In February, SK Group has invested $1.6 billion in Plug Power.
The partnership is part of a long-term, multi-billion dollar plan by SK Group to help lead the global transition to a hydrogen economy and make meaningful progress toward a more sustainable energy system.
Recognising the importance of hydrogen as a clean alternative to traditional energy sources, SK Group has heightened its focus on building the infrastructure and developing the technology to make hydrogen energy a reality for global markets.
SK Holdings, the holding company of SK Group, has established a Hydrogen Business Development Center taking the lead of the group’s long-term hydrogen project that is comprised of members from SK’s energy companies.
SK Group expects its investments in hydrogen to create $2.7 billion of net asset value by 2025.
On the other hand, last month, SK Group confirmed its purchase of 16.26 per cent stake in VinCommerce, one of Masan's subsidiaries, for a cash consideration of $410 million. The transaction accordingly values VinCommerce at $2.5 billion.
Plug Power is now accelerating its environmentally-friendly investment, following an increasing trend in this green initiatives as more companies globally are looking at the gas as a clean power source. Its aim is to supply only green hydrogen by 2025. In the next four or five years, Asia could be one-third of Plug Power’s business.
By Luu Huong
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