Actions of Plug Power Inc. PLUG,
met 30% on Thursday, a day after Plug Power announced a $ 1.5 billion investment in a South Korean company and plans to form a joint venture with that company next year. Plug Power said Wednesday it had partnered with SK Group “to accelerate hydrogen as an alternative energy source to Asian markets.” The goal is to supply hydrogen fuel cell systems, hydrogen fuel stations and electrolyzers to the Korean market and other Asian markets, with the SK group agreeing to make a $ 1.5 billion investment in Plug Power. The deal is expected to close in the first quarter. The companies also plan to form a joint venture in 2022. “The opportunity to partner with SK presents an attractive and timely opportunity to establish a (Korean) market support point with one of South Korea’s leading industrial conglomerates. “Plug Power said. Plug-in energy quotas, which mainly manufacture packages of hydrogen fuel cells to power storage equipment, such as forklifts, and other products such as the stationary power of safety fuel cells, have gained 1.090% in the last 12 months, compared to gains of around 18% in the S&P 500 SPX index,