Plug Joins SK and Others to Present Clean-Tech Investment Pledges to South Korean President

April 27, 2023

There has been substantial and swift advancement in the worldwide discussion regarding the growth of the hydrogen economy. South Korea is actively positioning itself to become the front-runner in hydrogen technology by means of significant investments and collaborations with technology giants, aimed at expediting the development of the hydrogen economy. Recently, Plug, represented by its Chairman, George McNamee, joined SK and six other companies in Washington DC to present hand-signed pledges for clean-tech investments in Korea to South Korean President, Yoon Suk Yeol.

Moreover, major companies have presented a total of 23 memorandums of understanding (MOUs) outlining their intended collaborations in clean-tech initiatives in Korea, such as hydrogen, nuclear, and sustainable technology. One such MOU, jointly signed by Plug, SK, GE Global Gas Turbine, and Korea Ship Building, is a four-way commitment to drive the growth of the hydrogen economy in Korea. Each entity will play a specific role in this collaboration:

• SK will spearhead a comprehensive blue hydrogen program in Korea.

• Plug will bring technical expertise, manufacturing capabilities, and research and development in hydrogen-based applications.

• Korea Ship Building will construct ships that will transport liquefied natural gas and capture CO2 in Australia.

• GE Turbine will provide hydrogen to gas turbine technology for Korean plants, with the ultimate aim of commercializing this technology.

The meeting, hosted by the US Chamber of Commerce, included speeches by the Secretary of Commerce, President Yoon and the CEO of the US Chamber of Commerce. There were also representatives from various US and Korean companies attending an action-oriented business round table.