Plug Power Raises $1.5B to Tap Into Green Hydrogen Economy in Asia

Plug Power’s partnership with SK Group will offer entry into Asian markets for green hydrogen for transport and power. (Credit: Plug Power) That also includes South Korea, whose 2019 “ hydrogen economy ” plan calls for 15 gigawatts of fuel cell production capacity by 2030 and for the country to become the world’s top maker of hydrogen-powered cars by decade’s end, with the commensurate refueling infrastructure to support their domestic use. Over the past decade, South Korean companies have formed partnerships with U.S. fuel cell makers including Bloom Energy , FuelCell Energy and United Technologies — not all of them successful over the long run. But SK Group’s investment in Plug Power is much larger than these past agreements, Jeffrey Osborne, an analyst with Cowen & Co., said in a Wednesday note to investors. Plug Power CEO Andy Marsh said in a Wednesday statement that the relationship with SK Group “offers immediate strategic benefits” to expand into Asian markets and is intended to yield a formal joint venture by 2022. Green hydrogen growth plans “We expect rapid growth and significant revenue generation from the joint venture that are incremental to our 2024 plan,” he said. Plug Power uses about […]

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