Shares of Plug Power Inc. PLUG,
rose 30% on Thursday, a day after Plug Power announced a $ 1.5 billion investment by a South Korean company and plans to set up a joint venture with the company by next year. Plug Power said on Wednesday that it had partnered with SK Group to accelerate hydrogen as an alternative energy source in Asian markets. The goal is to supply hydrogen fuel system systems, hydrogen stations and electrolysers to the Korean and other Asian markets, with SK Group agreeing to make a $ 1.5 billion investment in Plug Power. The transaction is expected to end in the first quarter. The companies also plan to set up a joint venture by 2022. “The opportunity to work with SK provides an attractive and timely opportunity to establish a foothold in the (Korean) market with one of South Korea’s leading industrial conglomerates,” said Plug Power. Shares of Plug Power, which manufactures mostly hydrogen fuel cell packages for power storage equipment such as forklifts, and other products such as backup fuel cell standstill, have risen 1,090% over the past 12 months, up from an 18% increase for the S&P 500 SPX index.
