SK Group, Plug Power partner to promote hydrogen-based technologies in Asia

A strategic partnership has been announced between US-based hydrogen fuel cell provider Plug Power and South Korea’s SK Group to promote hydrogen-based technologies in the Asian market. The SK Group will invest $1.5 billion to acquire a 9.9 per cent pro forma ownership stake in Plug Power, thereby forming a JV company in South Korea. The Plug SK Group’s US subsidiary will purchase around 51.4 million shares at $29.28 per share, and the transaction is expected to close in the first quarter of 2021.

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