Shares of Plug Power jumped 24% after the companies announced they were forming a joint venture to provide hydrogen fuel-cell systems, fueling stations and electrolyzers in South Korea and elsewhere.
As part of the deal, SK Group will receive 51.4 million shares of Plug Power at $29.29 each. Plug Power shares closed 7.5% higher Wednesday at $35 and were up another 20% at $42 in premarket trading on Thursday.
Based in Latham, New York, Plug Power is a veteran in the hydrogen fuel-cell market. The company makes stationary fuel cells to run data centers as well as mobile ones for delivery vans. It also makes fuel cells that run forklifts and other freight-handling gear used by the likes of Amazon (AMZN) - Get Report, Carrefour, BMW, Southern (SO) - Get Report, and Walmart (WMT) - Get Report.
The company's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power Systems (BLDP) - Get Report. The system incorporates a hydrogen storage system that allows for rapid "recharge" as opposed to several hours for lead-acid batteries.