SK ES, a natural gas production unit of South Korea’s SK Group, announced plans to invest 1 trillion won ($747 million) in a joint venture with Plug Poweran American company specialized in hydrogento build a large hydrogen-powered equipment production plant in Korea.
SK Plug Hyverse: A joint venture to produce hydrogen fuel cells
The joint venture, named SK Plug Hyverse, will build a gigafactory to produce hydrogen fuel cells for vehicles, as well as a water electrolysis platform for power generation, with an expected start-up date of 2025.
This investment is considered vital for the production of green hydrogen from renewable energy, as the electrolysis process extracts hydrogen from water using electricity. The hydrogen fuel cells will be supplied to SK’s clean hydrogen complex in Boryeong, about 190 kilometers southwest of Seoul, which aims to produce blue hydrogen starting in 2026.
The joint venture also plans to invest in the construction of liquefied hydrogen stations throughout Korea, offering higher energy storage density and increased stability compared to gaseous hydrogen.
SK ES and Plug Power invest in green hydrogen in Korea
The announcement follows President Yoon Suk Yeol’s state visit to the United States last week, during which a series of new business collaborations and partnerships were announced. The joint venture plans to lay the foundation for national competitiveness in the global hydrogen industry by leveraging its strength in energy production, distribution and sales, combined with Plug Power’s proprietary technologies.
For example, SK ES and Plug Power are investing 1 trillion won ($747 million) to build a gigafactory and research center for hydrogen technologies to produce hydrogen fuel cells for vehicles and a water electrolysis platform for power generation. This investment is expected to play a vital role in the production of green hydrogen from renewable energy, and the joint venture plans to build liquefied hydrogen stations throughout Korea.
