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South Korea-based SK Group will spend $1.
5 billion to acquire a 9.
9% stake in Plug Power Hydrogen Fuel and will form a joint venture to help supply hydrogen fuel cell products
to the Asian market.
As part of the transaction, SK Group's U.
S.
subsidiary will acquire approximately 51.
4 million shares
of Rusham, New York-based Plug Power, Inc.
at $29.
2893 per share.
The agreement comes at a time when demand for clean energy is booming, signaling a gradual move away from fossil fuel pollution
in the coming years.
The South Korean government announced its 2040 hydrogen economic development pathway plan in 2019, setting ambitious targets that include more than 50,000 tons of hydrogen per year, and expects the cumulative size of its hydrogen economy to reach about $40 billion
by 2040.
According to the plan, SK Group-Plug Power's investment is expected to be completed
in the first quarter of 2021.
Morgan Stanley＆Co.
LLC acted as financial advisor and Goodwin Procter LLP acted as legal counsel
to Plug Power.
South Korea-based SK Group will spend $1.
5 billion to acquire a 9.
9% stake in Plug Power Hydrogen Fuel and will form a joint venture to help supply hydrogen fuel cell products
to the Asian market.
As part of the transaction, SK Group's U.
S.
subsidiary will acquire approximately 51.
4 million shares
of Rusham, New York-based Plug Power, Inc.
at $29.
2893 per share.
The agreement comes at a time when demand for clean energy is booming, signaling a gradual move away from fossil fuel pollution
in the coming years.
The South Korean government announced its 2040 hydrogen economic development pathway plan in 2019, setting ambitious targets that include more than 50,000 tons of hydrogen per year, and expects the cumulative size of its hydrogen economy to reach about $40 billion
by 2040.
According to the plan, SK Group-Plug Power's investment is expected to be completed
in the first quarter of 2021.
Morgan Stanley＆Co.
LLC acted as financial advisor and Goodwin Procter LLP acted as legal counsel
to Plug Power.
