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Shares of Plug Power Inc. PLUG,
rallied 30% on Thursday, a day after Plug Power announced a $ 1.5 billion investment from a South Korean company and plans to form a joint venture with that company by next year. Plug Power said on Wednesday it had partnered with the SK group “to accelerate hydrogen as an alternative energy source in Asian markets.” The aim is to supply hydrogen fuel cell systems, hydrogen refueling stations and electrolyzers to Korean and other Asian markets, with SK Group agreeing to invest $ 1.5 billion in Plug Power. The operation is expected to close in the first quarter. The companies also plan to form a joint venture by 2022. “The opportunity to partner with SK presents an attractive and timely opportunity to gain a foothold in the (Korean) market with one of South Korea’s leading industrial conglomerates “said Plug Power. Shares of Plug Power, which primarily manufactures hydrogen fuel cell blocks to power warehousing equipment such as forklifts, and other products such as stationary standby fuel cell power, have risen 1090% in the past 12 months, compared to gains of around 18% for the S&P 500 SPX Index,
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