Plug Power has revealed a new joint venture today (Oct 6) with SK group to accelerate the expansion of the hydrogen economy throughout Asian markets.
It is expected that the joint venture will explore a range of hydrogen applications such as providing hydrogen fuel cell systems, hydrogen refuelling stations, electrolysers in addition to green hydrogen.
Read more: Plug Power continues to shape its role in the emerging hydrogen economy
Read more: Plug Power unveils plans for a liquid green hydrogen plant in Camden County, Georgia; one step closer to producing over 500 tonnes of hydrogen daily
The joint venture with SK Group provides a unique opportunity for Plug Power to establish a foothold in the Asian market with one of South Korea’s leading industrial groups.
The joint venture plans to build a gigafactory in a key metropolitan area in South Korea by 2024, with mass capacity for hydrogen fuel cells and electrolyser systems and plans to supply domestic and certain overseas markets in Asia.
Over time, the joint venture also plans to assume the role of distributing liquefied hydrogen produced by SK E&S to around 100 charging stations nationwide.
Choo Hyeongwook, the President and CEO of SK Group, said, “The establishment of the joint venture is meaningful as it secures the basis to enter the Asian market based on hydrogen related core technologies owned by Plug Power.
“It will provide SK E&S with a unique opportunity to build a powerful hydrogen ecosystem with Plug Power, including green hydrogen production using electrolyser technology.”
Andy Marsh, CEO of Plug Power, said, “With SK E&S by our side, we’re incredibly proud to bring the green hydrogen revolution to South Korea and other Asian markets.
“Plug Power has proven its ability to scale hydrogen infrastructure quickly, expertise which aligns perfectly with SK’s exceptional local knowledge, capabilities, and vision for a green future.
“Here in South Korea, we’re thrilled to be working alongside SK to create a vast tapestry of hydrogen refuelling stations and key hydrogen infrastructure, which will power industries throughout South Korea and beyond, while helping governments and municipalities reach sustainability goals.”
The story of Plug Power
When Andy Marsh, CEO and President of Plug Power, first stepped foot through the company’s factory doors in 2008, he never imagined he would be running a business that supplies the likes of Amazon and Walmart 13 years later, and a business that is on track to achieve $1bn in revenue by 2024.
Whilst success is strongly something that Plug Power oozes, the US fuel cell specialist’s triumph is the result of years of hard work; something that Marsh strongly reaffirmed when he recently sat down with H2 View. “Plug has not been an overnight success; it’s been a 25 year-long journey,” he said.
“Personally, I can remember walking through the factory we had in New York and thinking to myself, ‘How in the world am I going to fill this?’ Fast forward to today, and Plug is producing green hydrogen to meet the needs of our customers. We have developed technology and entered into partnerships that have created a vertically-integrated portfolio that allows Plug Power to scale as we build the green hydrogen economy.”
It’s such turkey solutions that have enabled Plug Power to do everything from fuel cell manufacturing, green hydrogen production and hydrogen infrastructure, to on-road applications, large-scale stationary power and aftermarket service, both in solo projects and as part of industry collaborations.
Read the full article here.