South Korea-based SK Group has announced the closing of a $1.6 billion investment and strategic partnership with Plug Power Inc. The partnership is part of a long-term, multi-billion-dollar plan by SK to help lead the global transition to a hydrogen economy and make significant progress toward a more sustainable energy system.
Identifying the importance of hydrogen as a clean alternative to traditional energy sources, SK Group has amplified its focus on building the infrastructure and developing the technology to make hydrogen energy a reality for global markets. SK Holdings, the holding company of SK Group, has established a Hydrogen Business Development Center taking the lead of the group’s hydrogen long-term project that is comprised of members from SK’s energy companies, including SK Innovation and SK E&S.
This new center will guide the companies’ transition into the production and distribution of hydrogen energy, comprising the creation of a mass production facility and investments in global business opportunities. SK Group companies already are making strategic investments in their existing energy businesses and forming partnerships with global leaders in hydrogen energy technology.
“The need for sustainable and green-focused energy solutions is crucial as we look at confronting the looming global climate crisis,” said Hyeongwook Choo, Head of Hydrogen Business Development Center of SK Holdings and President & CEO of SK E&S.
“The establishment of SK’s Hydrogen Business Development Center, commitments to utilizing our companies’ facilities for green energy production and distribution, and the hydrogen-focused partnerships provide a solid foundation for us to make a substantial impact on the transition to a more sustainable future.”