Finance
SK Group’s $1.5 Billion Hydrogen Bet Adds Fuel to Surging Market
- Plug forming joint venture with South Korea’s SK to boost use
- South Korea has aggressively pursued fuel cells and hydrogen
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SK Group’s $1.5 billion investment in the U.S. fuel-cell maker Plug Power Inc. marks one of the biggest hydrogen deals ever, reflecting a booming appetite for the alternative fuel in Asia and Europe.
The companies are forming a joint venture to provide hydrogen fuel-cell systems, fueling stations and electrolyzers in SK’s home market of South Korea and elsewhere in Asia, according to a statement.