SK E&S, US Plug to invest KRW 1 trillion in hydrogen industry in South Korea

  • SK & Plug are jointly to build hydrogen factory in Korea
  • It will begin mass production in 2025 for sales in Korea and Asian markets
  • SK will also invest liquefied hydrogen charging stations in Korea //



SK E&S and Plug Power will invest a total of KRW 1 trillion in hydrogen generators in South Korea through the joint venture 'SK Plug Hiverse', which was established last year. SK E&S will contribute 51 billion won and Plug will contribute 49 billion won, depending on their shareholdings in the joint venture.


The investment will be used to build a hydrogen technology research and development (R&D) center and Giga-factory in Korea. The Giga-factory is a production base for hydrogen core facilities that can mass-produce hydrogen fuel cells and water electrolysis facilities for vehicles and power generation. It will begin mass production in 2025 and supply products to the domestic and Asian markets. The hydrogen fuel cells and water electrolysis facilities produced here will be equipped with PLUG's core technology, enabling the localization of advanced technologies in the hydrogen field.

The hydrogen fuel cells produced at the Giga-factory will be utilized in the clean hydrogen power generation project fueled by blue hydrogen to be produced at SK E&S's Boryeong Blue Hydrogen Production Base from 2026. It is expected to contribute to the expansion of the clean hydrogen ecosystem.

SK Plug Hiverse will also invest in the construction and operation of liquefied hydrogen charging stations in Korea. The company plans to support the spread of hydrogen mobility by building liquefied hydrogen charging stations in major areas across the country and creating infrastructure for smooth liquefied hydrogen supply. Compared to gaseous hydrogen, liquefied hydrogen is expected to revolutionize hydrogen distribution and storage as it can be transported in large quantities and charged quickly.

SK E&S will produce 30,000 tons of liquefied hydrogen per year at the Incheon Liquefied Hydrogen Plant from the end of this year and an additional 50,000 tons per year at the Boryeong Blue Hydrogen Production Base from 2026. The hydrogen produced by SK E&S will be used to fuel hydrogen buses and other hydrogen mobility vehicles through hydrogen fueling stations built and operated by SK Plug Hiverse.

"This joint investment with Plug will be a turning point in enhancing the global competitiveness of the Korean hydrogen industry," said Hyung-wook Choo, President of SK E&S. "We will continue to build the Boryeong Blue Hydrogen Production Base, which applies advanced technology from the United States, to create a clean hydrogen ecosystem in Korea."

For reference, SK Corporation and SK E&S invested USD 1.6 billion in Plug Power in 2021 to become the largest shareholders.

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  • This blog is made to share energy news in Korea, especially for renewable energy such as solar PV, wind power, electric vehicle, EV charger, ESS and hydrogen, etc
  • This article is translated into English by DeepL, and partly edited and summarized by Kimoo Heo in Korea, https://www.linkedin.com/in/kimoo-heo-49395557/


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