SK Eternix secures W461b funding for fuel cell projects

South Korean energy company SK Eternix announced Monday that it has partnered with Charmvit Group and KDB Infrastructure Asset Management to fund high-efficiency solid oxide fuel cell power plant projects.

Late last month, SK Eternix signed an agreement with multiple financial investors to secure 461 billion won ($336.1 million), marking the largest investment to date in Korea's fuel cell sector. The company anticipates this partnership will cover 85 percent of the total investment cost of 542 billion won.

The project involves constructing two power stations, the Chungju and Daesowon Eco Parks, each with 40 megawatts of generating capacity. These facilities will be located on a 33,000-square-meter site in Chungju, North Chungcheong Province.

SK Eternix will supply major equipment and oversee project management, while SK Ecoplant, a construction arm of SK Group, handles construction and commissioning. Both power plants are to be powered by solid oxide fuel cells from the New York-listed Bloom Energy.

The Chungju Eco Park is expected to begin commercial operations in December 2025, followed by the Daesowon Eco Park in March 2026.

“We hope this financing agreement can accelerate our projects. As a leading company in the nation’s renewable energy sector, we will continue to expand eco-friendly projects that support regional sustainability,” said Kim Hae-jung, CEO of SK Eternix.

SK Eternix already operates two fuel cell power plants in North Chungcheong Province. With the additional 80 megawatts, the company will increase its total production capacity to 140 megawatts in the region.