SK Group partners with Gentari Sdn BHD to diversify its business opportunities in the renewable energy sector. This is part of SK Group’s strategy to enter the green industry market in Southeast Asia.
The agreement between SK Group and Gentari
In this sense, a memorandum of understanding has been signed between SK and Gentari. Under the agreement, SK Materials, SK Ecoplant and SK Signet will cooperate in the clean energy sector. The two companies take advantage of this agreement to identify the objectives of each. It will also allow them to define opportunities for joint projects involving hydrogen, fuel cells and electric vehicle charging.
The agreement benefits both companies. Gentari is receiving assistance with its energy transition. This is in line with its business orientation to move towards cleaner solutions.
At the same time, SK Group wants to achieve Net Zero by 2050 by focusing on the development of renewable energy. In fact, Chey Tae-won, president of the SK Group, emphasizes this strategy and says:
“The SK Group will in turn contribute to reducing carbon emissions by 200 million tons, which is equivalent to 1% of the global carbon reduction target set for 2030.”
A collaboration that aims at mutual enrichment
The cooperation between the two companies aims at an exchange of know-how. Thus, SK hopes to leverage Gentari’s technology and expertise. These are optimal in the areas of hydrogen and the electric vehicle ecosystem.
In return, Gentari will be able to benefit from the production and distribution infrastructures. This will provide a solid foundation for the company to build business models for the technologies it develops.
SK’s strategy is no longer limited to investment. It is now looking to expand its presence in what it sees as green business opportunities, as well as inserting itself into the Southeast Asian market.
An SK Group official described the Southeast Asia region as strategic and important.
Lee Yong-wook, president of SK materials, is very excited about the collaboration. Thus, he claims that it will help to address the climate crisis. In addition, he comments:
“We will work together to find the right balance of technologies and capabilities for our companies and cooperate closely to ensure the green technologies of tomorrow.”
