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Plug Power and SK Group close $1.6bn deal to build a hydrogen economy in Asia

Plug Power and SK Group close $1.6bn deal to build a hydrogen economy in Asia

Plug Power and SK Group have today (25th Feb) completed a $1.6bn deal to accelerate hydrogen as an alternative energy source in Asian markets.

First announced back in January, the partnership also includes plans to form a new joint venture company through which they hope to establish a gigafactory in Korea by 2023.

According to a statement, the gigafactory will produce fuel cell and electrolysers for the Asian market at a reduced price.

Commenting on the completion, Andy Marsh, CEO of Plug Power, said, “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.”

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