The two companies "will collaborate to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and green hydrogen to the Korean and other Asian markets,” Plug Power, Latham, N.Y., said in a statement.
The two began working together in early 2021, when SK made a $1.6 billion investment in Plug Power.
“For Plug Power, the joint venture with SK provides a unique opportunity to establish a foothold in the Asian market with one of South Korea’s leading industrial conglomerates,” Plug said.
“The joint venture plans to build a gigafactory in a key metropolitan area in South Korea by 2024, with mass capacity for hydrogen fuel cells and electrolyzer systems and plans to supply domestic and certain overseas markets in Asia.
“Over time, the joint venture also plans to assume the role of distributing liquefied hydrogen produced by SK to around 100 charging stations nationwide. SK and Plug Power will own 51% and 49%, respectively, of the joint venture.”
Plug Power stock has wavered on Wednesday. It recently traded at $24.89, up 2.1%, and has traded down as much as 2.3% at $23.81.
It has dropped 26% in the past three months on valuation concern, but is still up 53% over the past year amid investors’ enthusiasm for hydrogen companies.
In August, Plug reported second-quarter revenue ahead of estimates and raised its full-year gross-bookings estimates.
It posted a second-quarter net loss of 18 cents a share on revenue of $124.6 million.