Plug Energy Inc. (NASDAQ: PLUG) introduced Wednesday one other three way partnership that’s more likely to broaden its presence in Asia additional.
What Occurred: Latham, New York-based Plug Energy stated it has fashioned a three way partnership with SK E&S, a part of the South Korean conglomerate SK Group, to speed up using hydrogen as a substitute vitality supply within the Asian markets.
The 2 corporations plan to offer gas cell methods, hydrogen fueling stations, electrolyzers and hydrogen to the Korean and different Asian markets.
SK E&S and Plug Energy will personal 51% and 49%, respectively, of the three way partnership. The 2 corporations will maintain an equal variety of board seats, and any materials choices have to be made unanimously.
The three way partnership plans to construct a gigafactory in a key metropolitan space in South Korea by 2024, with mass capability for hydrogen gas cells and electrolyzer methods and plans to produce home and sure abroad markets in Asia, the businesses stated.
Over time, the three way partnership additionally plans to take up distribution of liquefied hydrogen produced by SK E&S to round 100 charging stations nationwide.
Associated Hyperlink: Plug Energy To Construct Hydrogen Manufacturing Facility In California: What You Want To Know
Why It is Essential: Plug Energy has been utilizing the three way partnership path to broaden its presence abroad. In January, the corporate introduced a three way partnership with French automaker Renault SA (OTC: RNLSY) for the R&D, manufacturing and sale of gas cell-powered autos and hydrogen turnkey options.
For Plug Energy, the three way partnership with SK supplies a novel alternative to ascertain a foothold within the Asian market with considered one of South Korea’s main industrial conglomerates.
“Right here in South Korea, we’re thrilled to be working alongside SK to create an unlimited tapestry of hydrogen refueling stations and key hydrogen infrastructure, which can energy industries all through South Korea and past, whereas serving to governments and municipalities attain sustainability targets,” Plug Energy CEO Andy Marsh stated in a press release.
PLUG Value Motion: Plug Energy shares have been up 1.62% noon Wednesday at $24.76.
Associated Hyperlink: Why Plug Energy’s High- And Backside-Line Are Diverging
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