Shares of Plug Power Inc. PLUG,
rose 30% on Thursday, a day after Plug Power announced a $ 1.5 billion investment from a South Korean company and intended to form a joint venture with that company by next year. Plug Power said on Wednesday that it had partnered with SK Group “to accelerate hydrogen as an alternative energy source in Asian markets.” The goal is to supply hydrogen fuel cell systems, hydrogen refueling stations and electrolysis devices to the Korean and other Asian markets, with SK Group agreeing to invest $ 1.5 billion in Plug Power. The deal is expected to be completed in the first quarter. The companies also plan to form a joint venture by 2022. “The opportunity to partner with SK provides 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 makes hydrogen fuel cell packages to power storage equipment such as forklift trucks, and other products such as stationary fuel cell emergency power, are up 1,090% in the last 12 months, compared to a gain of about 18% for the S&P 500 index SPX,