Shares of Plug Power Inc. PLUG,
gathered 30% on Thursday, a day after Plug Power announced a $ 1.5 billion investment in a South Korean company and plans to form a joint venture with that company by next year. Plug Power said Wednesday it was working with SK Group “to accelerate hydrogen as an alternative energy source in Asian markets.” The goal is to supply hydrogen fuel cell systems, hydrogen filling stations and electrolyzers to the Korean and Asian markets, with the SK group agreeing to make a $ 1.5 billion investment in Plug Power. The agreement will be concluded in the first quarter. The companies also plan to form a joint venture by 2022. “The opportunity to partner with SK is an attractive and timely opportunity to establish a (Korean) market foothold with one of Korea’s leading industrial conglomerates. South, “Plug Power said. Plug-in stock, which largely produces hydrogen fuel cell packages to power storage equipment such as forklifts and other products, such as stationary fuel cell reserve power, has gained 1,090% in recent 12 months, compared to the gains of approximately 18% for the S&P 500 SPX index,