SK Plug Hyverse Attracts Investment from Global Fund

On January 9, SK Plug Hyverse announced in a disclosure regarding "Changes in Major Shareholders' Stock Holdings" that as of December 31, Korea Liquefied Hydrogen Network Co., Ltd., a new shareholder, has acquired 73,476 common shares, representing a 49% stake in the company.

SK Plug Hyverse Icheon Daeheung Liquefied Hydrogen Charging Station.

This change in shareholding resulted from Plug Power, an existing shareholder, selling all of its shares to Korea Liquefied Hydrogen Network. SK Innovation, the largest shareholder, will maintain its 51% stake.

Hyverse is a joint venture established in 2022 by SK Innovation (then SK E&S) and Plug Power with a 51:49 ownership ratio to promote the hydrogen business in Asia. Since its founding, the company has been engaged in building and operating domestic liquefied hydrogen charging station infrastructure, and as of the end of last year, it operates 20 stations, the largest number in South Korea.

Korea Liquefied Hydrogen Network, the new investor, is a special purpose company (SPC) established by the private equity fund Sylvan Group. Sylvan Group focuses on ESG investments in areas such as eco-friendly energy and healthcare in Asia. Kyung Sun Chung, Executive Vice President of Hyundai Marine & Fire Insurance and a third-generation member of the Hyundai family, is a co-founder.

With the participation of the new investor, Hyverse will be able to accelerate the expansion of hydrogen charging infrastructure in South Korea.

SK Innovation also announced that it will invest 22.4 billion won in Hyverse within this month.