SK chief discusses hydrogen, grid with Plug Power, Key Capture Energy CEOs

SK Group Chairman Chey Tae-won held consecutive meetings with the heads of US-based green energy firms Plug Power and Key Capture Energy to discuss hydrogen and green solutions, the third-largest conglomerate in South Korea said Thursday.

According to SK Group, Chey met with Plug Power CEO Andrew J. Marsh at its headquarters in central Seoul on Wednesday and agreed to establish a robust hydrogen ecosystem based on their technological expertise on hydrogen.

“Plug Power‘s key hydrogen technologies and SK Group’s energy related infrastructure and network can create synergies that allow both countries to achieve net zero goals ahead of schedule. Through close partnership, we will accelerate expansion into the Asian hydrogen market,” the chairman said.

The partnership took shape in detail after SK E&S, a natural gas unit of SK Group, and Plug Power agreed to set up a hydrogen joint venture in Korea on the same day.

The joint venture will establish a giga factory and a research and development center in the Seoul metropolitan area to mass produce key hydrogen equipment such as fuel cells and electrolysis machines.

After Plug Power, Chey met with Jeff Bishop, the head of Key Capture Energy, a grid solution firm in which SK E&S holds a 95 percent stake.

A grid solution refers to a service that aims to address the intermittency of renewable energy by utilizing energy storage systems, a giant battery the size of a container. Grid solution also applies artificial intelligence technologies to enable a stable supply and demand of electricity.

“Based on its strengths in batteries and software, SK Group will tap into Key Capture Energy‘s grid expertise and make further investments to grow the company into the No. 1 player in the US and a top-tier one on the global stage.,” an SK Group official said.

By Kim Byung-wook (kbw@heraldcorp.com)