Plug Power Inc. PLUG shares,
recovered 30% on Thursday, the day after Plug Power announced a $ 1.5 billion investment from a South Korean company and its intention to form a joint venture with that company next year. Plug Power said on Wednesday that it has partnered with the SK Group “to accelerate hydrogen as an alternative source of energy in Asian markets”. The goal is to supply hydrogen fuel cell systems, hydrogen fueling stations and electrolyzers to the Korean and other Asian markets, with 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 by 2022. “The opportunity to partner with SK presents an attractive and timely opportunity to establish a position in the (Korean) market with one of South Korea’s leading industrial conglomerates,” said Plug Power. The shares of Plug Power, which mainly manufactures packages of hydrogen fuel cells to power storage equipment, such as forklifts, and other products, such as stationary reserve fuel cell energy, have gained 1,090% in the last 12 months, compared to gains of around 18% for the S&P 500 SPX index,
