Page 10 - AsiaElec Week 41 2021
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AsiaElec HYDROGEN AsiaElec
Plug Power, SK Group to develop fuel
cells, hydrogen in South Korea
SOUTH KOREA PLUG Power and SK Group’s SK E&S divi- Marsh pointed to Plug Power’s ability “to
sion are to provide fuel cell systems, hydrogen scale hydrogen infrastructure quickly, expertise
fuelling stations and electrolysers to the South which aligns perfectly with SK’s exceptional local
Korean and other Asian markets. knowledge, capabilities and vision for a green
The two partners have created a joint venture future. Here in South Korea, we’re thrilled to be
– 51% owned by SK E&S and 49% by Plug Power working alongside SK to create a vast tapestry
– to build a gigafactory for fuel cells and elec- of hydrogen refuelling stations and key hydro-
trolyser systems in a “key metropolitan area” in gen infrastructure, which will power industries
South Korea by 2024, as well as supply domestic throughout South Korea and beyond while
and overseas markets in Asia. helping governments and municipalities reach
The joint venture is also expected to distrib- sustainability goals.”
ute the liquid hydrogen produced by SK E&S to The South Korean government has set hydro-
about 100 charging stations across the country. gen as one of the cornerstones of its future indus-
The partners published the plans in Janu- trial policy. It is promoting the development of a
ary when the SK Group announced it would green hydrogen market and value chain.
invest $1.5bn dollars in Plug Power, acquiring In January 2019, the government announced
just under 10% of the shares in the US fuel cell a consolidated plan to build the country’s hydro-
specialist. gen economy. By 2040, a hydrogen economy
At the time, Andy Marsh, CEO of Plug Power, worth $40bn is anticipated to be created in South
saw “immediate strategic benefits to Plug Power Korea alone.
to accelerate its expansion into Asian markets” SK Group is a South Korean conglomerate
and also expected “significant revenue genera- active primarily in the energy, chemicals and IT/
tion” from the joint venture. semiconductors sectors. In connection with elec-
Choo Hyeongwook, president and CEO tromobility, the battery division SK Innovation
of SK E&S, said the JV would provide SK E&S has so far come to the fore. However, the group
with a “unique opportunity to build a powerful also includes SK Energy, SK E&S, SK Global
hydrogen ecosystem with Plug Power, including Chemical, SK Lubricants, SK Incheon Petro-
green hydrogen production using electrolyser chem, SK Telecom or SK Communications.
technology.”
Mongolian coal exports
plunge 78% y/y in Sept on
MONGOLIA MONGOLIA exported 1mn tonnes of coal for shipments recovered, according to sources cited
all uses during September, marking a plunge of by Mysteel Global.
78.3% y/y and fall of 3.9% m/m, according to lat- Early in September, the Ceke and Mandula
est customs data. border checkpoints in North China’s Inner Mon-
Though deliveries to China—the destination golia closed their gates to Mongolian trucks in
of almost all exported Mongolian coal—were response to an increase in the number of pos-
disrupted again in early September by corona- itive COVID-19 tests reported among truck
virus containment measures, the drop in ton- drivers.
nage was partly offset later in the month when
P10 www. NEWSBASE .com Week 41 13•October•2022
