Joint venture enters Asian market by building Gigafactory, a base for mass production of electrolysers, green hydrogen and fuel cells
LATHAM, NY, Oct 06, 2021 (GLOBE NEWSWIRE) – Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and SK E&S, part of the South Korean group SK, today announced that the companies have formed a joint venture designed to accelerate the use of hydrogen as an alternative energy source in Asian markets. Through the initiative, the two companies will collaborate to supply hydrogen fuel cell systems, hydrogen refueling stations, electrolysers and green hydrogen to the Korean and Asian markets.
The two companies began working together in early 2021, when SK Group invested $ 1.6 billion in Plug Power and announced a strategic partnership to accelerate the expansion of the hydrogen economy across the country. Asia. October 6e, executives from Plug Power and SK E&S gathered at the SK Seorin building for a signing ceremony.
Choo Hyeongwook, President and CEO of SK E&S, said: “The establishment of the joint venture is significant as it secures the base to enter the Asian market based on the core hydrogen technologies owned by Plug. Power. This will provide SK E&S with a unique opportunity to build a powerful hydrogen ecosystem with Plug Power, including the production of green hydrogen using electrolyser technology.
In response, Andy Marsh, CEO of Plug Power, who also attended the signing, said: “With SK E&S by our side, we are incredibly proud to bring the green hydrogen revolution to South Korea and on other Asian markets. Plug Power has a proven ability to rapidly scale hydrogen infrastructure, expertise that aligns perfectly with SK’s exceptional local knowledge, capabilities and vision for a green future. Here in South Korea, we are excited to be working alongside SK to create a vast mosaic of hydrogen refueling stations and key hydrogen infrastructure, which will power industries across South Korea and beyond, all by helping governments and municipalities achieve their sustainable development goals.
In January 2019, the South Korean government announced the roadmap for the hydrogen economy until 2040, with ambitious targets, including: more than 5 million tons of hydrogen per year, more than 6 million fuel cell electric vehicles, 1,200 charging stations and 15 GW of fuel cell power generation, and stressed that he expected the cumulative economic value of his hydrogen economy to approximately $ 40 billion by 2040. Plug Power has proven its ability to rapidly scale hydrogen infrastructure. In North America, the company has built a strong network of more than 150 hydrogen refueling stations, which are already supplying hydrogen-powered fleets in many industries, while on-site hydrogen fuel cell technology the company provides resilient and reliable back-up power for businesses and institutions. For Plug Power, the joint venture with SK offers a unique opportunity to gain a foothold in the Asian market with one of South Korea’s leading industrial conglomerates.
The joint venture plans to build a massive plant in a key South Korean metropolitan area by 2024, with mass capacity for hydrogen fuel cells and electrolyser systems, and plans to supply domestic markets and some foreign markets in Asia. Over time, the joint venture also plans to take on the role of distributing liquefied hydrogen produced by SK E&S to around 100 charging stations across the country.
SK E&S and Plug Power will respectively own 51% and 49% of the joint venture. Plug Power and SK will hold an equal number of seats on the board of directors, and all major decisions must be taken unanimously.
To learn more about the potential of green hydrogen in Asia, log onto the Plug Symposium on October 14, 2021. Register today at https://cvent.me/lz49q2.
About the power plug
Plug Power builds the hydrogen economy as a leading provider of complete turnkey hydrogen fuel cell solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells as part of an ongoing paradigm shift in the electricity, energy and transportation sectors to combat climate change and energy security, while achieving sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell technology. As a result, the Company has deployed more than 40,000 fuel cell systems for electric mobility, more than anyone else in the world, and has become the largest purchaser of liquid hydrogen, having built and operated a hydrogen highway. across North America. Plug Power offers a significant value proposition to end customers, including significant environmental benefits, efficiency gains, rapid refueling and reduced operating costs. Plug Power’s vertically integrated GenKey solution connects all the critical elements to power, power and deliver services to customers such as Amazon, BMW, The Southern Company, Carrefour and Walmart. The company is now leveraging its know-how, modular product architecture and core customers to grow rapidly in other key markets, including zero-emission road vehicles, robotics and data centers. Learn more about www.plugpower.com.
Safe Harbor Declaration
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties regarding Plug Power Inc. (“PLUG”), including, but not limited to, statements on PLUG’s expectations regarding the timing and scope and plans of the announced joint venture with SK E&S, including construction and operation of a gigafactory, green hydrogen production, fuel cell systems, hydrogen refueling stations and electrolyzers and the expected price of these, and the distribution of liquefied hydrogen, and expectations for PLUGs opportunity to gain a foothold in the hydrogen economy and the growth and expansion of the hydrogen economy in Asian markets,. You are cautioned that such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be precise indications of when, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties which could cause actual performance or results to differ materially from those expressed in such statements. For a more detailed description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to PLUG’s business in general, see PLUG’s public documents with the Securities and Exchange Commission, including the “Risk Factors” section of PLUG’s annual report on Form 10-K for the fiscal year ended December 31, 2020 and quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are made as of the date hereof, and PLUG does not undertake to update these statements as a result of new information.
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