SK Group and Plug Power Inc concluded a $1.6 billion investment and strategic partnership agreement in February 2021.
The partner companies will market hydrogen fuel cell systems, hydrogen fueling stations, and electrolyzers to consumers across the Asia Pacific.
Earlier, in 2019, South Korea launched its road map to 2040 including plans for 5 mtpa hydrogen, 6 million fuel cell EVs, 1,200 refilling stations, and 15 Giga Watts fuel cell power generation. Together, the country expects the hydrogen economy to reach around $40 billion by 2040.
Accordingly, the agreement is part of SK Group’s long-term strategy of building a robust hydrogen economy across its value chain, ranging from supply of raw materials, transport of resources, and conversion into energy to supply vehicles, houses, and offices of consumers.