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Plug Power leaps 33% after South Korean conglomerate SK Group announces $1.5 billion investment

Plug Power leaps 33% after South Korean conglomerate SK Group announces $1.5 billion investment

A woman walks past a logo of SK Group outside its main building in Seoul on November 8, 2011.
Jung Yeon-Je/AFP/Getty Images



https://markets.businessinsider.com/stocks/plug-stock?utm_source=markets&utm_medium=ingestPlug Power surged as much as 33.4% on Thursday after announcing SK Group will invest $1.5 billion into the hydrogen fuel cell producer.



The companies aim to boost hydrogen energy use in Asia through the creation of fueling stations, fuel cell systems, and electrolyzers, according to a press release.



SK, South Korea's third-largest conglomerate, will purchase roughly 51.4 million shares through the arrangement. The investment is expected to represent a 9.9% stake in Plug.



The deal remains subject to regulatory approval and is expected to close in the first quarter of 2021.



Watch Plug Power trade live here.

Plug Power rocketed as much as 33.4% higher on Thursday after the company revealed SK Group is investing $1.5 billion in the firm as part of a new joint venture.The companies aim to increase the use of hydrogen energy in Asia through the deal, according to a Wednesday press release. Plug, a US-based producer of hydrogen fuel cells, will collaborate on building out fueling stations, fuel cell systems, and electrolyzer in South Korea and throughout Asia.SK, South Korea's third-largest conglomerate, purchased roughly 51.4 million shares of Plug's common stock at $29.29 per share as part of the deal. The investment is expected to represent a 9.9% pro forma stake in Plug Power.Read more: $138 billion megafund AQR shares a step-by-step guide for investors who want to reduce their portfolios' carbon footprints - and explains why this move could propel returns in the long run
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