SK Chairman Chey Tae-won Holds Series of Meetings with CEOs of US Green Energy Companies

Meeting with Plug Power and KCE CEOs to Discuss Hydrogen Business and Energy Solutions Collaboration

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, Chairman of SK Group, is making every effort to strengthen networking in the green energy industry, including hydrogen, by meeting consecutively with CEOs of American green energy companies. This strategy aims to turn the inevitable trend of carbon neutrality into a new growth opportunity through cooperation with global green energy companies.

According to SK Group on the 7th, Chairman Chey met with Andrew J. Marsh, CEO of Plug Power, at the SK Seorin Building in Jongno-gu, Seoul, the previous day to discuss building a hydrogen ecosystem.

Chairman Chey stated, "The core hydrogen-related technologies secured by Plug Power and the energy-related infrastructure and networks possessed by SK Group have great significance in creating synergy to achieve net zero in both Korea and the U.S. at an early stage," adding, "Let us continue to cooperate closely to accelerate entry into the hydrogen market in the Asian region." He also emphasized, "Each affiliate of SK Group is measuring net zero activities, including specific carbon reduction figures, to practice the Double Bottom Line (DBL), SK's management philosophy. Net zero activities must be measurable to improve and develop."

The cooperation plan between Chairman Chey and CEO Andrew J. Marsh was concretized on the same day (the 6th) when SK E&S and Plug Power signed a shareholder agreement to establish a joint venture to jointly promote hydrogen business in Asia. Plug Power holds a 95% market share in the U.S. hydrogen forklift market. SK E&S plans to establish a joint venture with Plug Power to jointly enter not only the domestic liquefied hydrogen business but also the Asian hydrogen market. Additionally, by 2024, they will build a 'Giga Factory & R&D Center' in the metropolitan area capable of mass-producing core hydrogen business facilities such as hydrogen fuel cells and water electrolysis equipment. Using Plug Power's technology, they plan to drastically reduce the unit cost of water electrolysis equipment and fuel cells produced there and supply them to the domestic and Asian markets.

Meanwhile, Chairman Chey also met Jeff Bishop, CEO of KCE (Key Capture Energy), a U.S. grid solution company. SK E&S acquired a 95% stake in the company last month. Grid solutions refer to a new energy industry that uses energy storage systems (ESS) to compensate for the variability of power supply and instability of power grids caused inevitably by the increase in renewable energy. These ESS facilities are linked to transmission and distribution networks and integrated with artificial intelligence (AI) technology to maintain a stable balance of electricity demand and supply.

Based on its own battery and software capabilities, SK Group plans to utilize KCE's expertise in grid solution business and, through additional growth capital investment and business model advancement, grow KCE into the No. 1 company in the U.S. and a global top-tier player by 2025.

An SK Group official explained, "Chairman Chey has encouraged early achievement of carbon neutrality and net zero and led SK affiliates to join RE100 because ESG (Environmental, Social, and Governance) management has become a universal value," adding, "Chairman Chey's consecutive meetings with CEOs of U.S. energy innovation companies also reflect his determination to deepen and accelerate ESG management."

This content was produced with the assistance of AI translation services.