SK E&S Strengthens Hydrogen Collaboration with US Plug Power at CES

President Choo Hyung-wook Meets Plug Power CEO
Discusses Cooperation Plans for Asian Hydrogen Business
Joint Venture 'SK Plug Hyverse' at the Center
Establishment of Liquefied Hydrogen Charging Stations
Full-Scale Production of Electrolyzers and Fuel Cell Products Begins

Chu Hyung-wook, President and CEO of SK E&S (right), and Andy Marsh, CEO of Plug Power, are taking a commemorative photo at the SK exhibition hall during 'CES 2023' held in Las Vegas, USA, on the 5th (local time). Photo by SK E&S

[Asia Economy Reporter Choi Seoyoon] SK E&S has strengthened its cooperation with global hydrogen energy leader Plug Power to accelerate the establishment of a hydrogen ecosystem.

SK E&S announced on the 10th that CEO Choo Hyung-wook met with Andy Marsh, CEO of Plug Power, at 'CES 2023' held in Las Vegas, USA, starting on the 5th (local time), where they reviewed the major business status of 'SK Plug Hyverse' (hereinafter Hyverse), established by the two companies to promote hydrogen business in Asia, and discussed ways to cooperate in the hydrogen business.

The two companies will first begin full-scale cooperation in the hydrogen business starting with liquefied hydrogen refueling stations. This year, SK E&S will commence commercial operation of the Incheon liquefied hydrogen plant with an annual production capacity of up to 30,000 tons. Hyverse plans to build liquefied hydrogen refueling stations near major demand sites nationwide to supply liquefied hydrogen produced by SK E&S.

Additionally, the construction project of the Incheon 'Gigafactory,' a 'core hydrogen equipment production base,' will proceed without delay. Starting next year, Hyverse aims to establish a mass production system for hydrogen fuel cells and electrolyzer equipment and supply products to domestic and Asian markets.

At the meeting with CEO Andy, CEO Choo stated, "Through a partnership with Plug Power, which possesses world-class technology in the hydrogen sector, we will dramatically enhance the global competitiveness of the domestic hydrogen industry."

CEO Andy said, "Based on SK Group's business capabilities in the energy sector and global network, the two companies will successfully enter the Asian hydrogen fuel cell market beyond Korea."

The meeting between the two CEOs took place as SK E&S and Plug Power jointly participated in CES 2023, the largest home appliance and information technology (IT) exhibition. During CES, the SK exhibition hall showcased Plug Power's hydrogen fuel cell 'GenDrive' and hydrogen refueler 'GenFuel Dispenser,' among others.

Plug Power, a U.S. hydrogen company, is promoting the establishment of a green hydrogen ecosystem encompassing the production, storage, and utilization of green hydrogen. It boasts a 95% market share in the U.S. forklift fuel cell sector and is strengthening its leading position by continuously securing large-scale orders in electrolyzer equipment manufacturing technology that produces green hydrogen through water electrolysis. Previously, in early 2021, SK E&S secured a majority shareholder position by investing approximately 1.8 trillion KRW in Plug Power together with SK Inc.

CEO Choo also met with Jason Apfelbaum, CEO of EverCharge, to discuss ways to effectively respond to the expansion of the electric vehicle charging market in the U.S. EverCharge, an American electric vehicle charging company acquired by SK E&S in March last year, unveiled its home-use EV charger 'COVE' for the first time at CES 2023.

CEO Choo said, "Going forward, we will continue to strengthen business competitiveness and contribute to global carbon reduction by steadily advancing green energy businesses such as hydrogen and energy solutions together with global partners."

At CES 2023, held in Las Vegas until the 8th (local time), SK E&S showcased various carbon reduction solutions in the energy sector, including hydrogen, energy solutions, and carbon capture, utilization, and storage (CCUS), receiving recognition for presenting practical alternatives for a sustainable future.