Plug Power Eyes Korean Expansion? Secures First International Certification For Electrolyzer Manufacturing In The Country

Plug Power, Inc. PLUG shares are trading slightly higher in the premarket session on Wednesday, after ending yesterday’s session with nearly 4% loss.

In a press release, the company said it secured the first international safety and performance certification in Korea for electrolyzer manufacturing.

The development enables the commercial sale of Plug electrolyzer systems in the Korean market. 

“As the first company to receive this certification and over five decades of operational expertise backing our PEM stack technology, we are in a unique position as the first mover for PEM electrolyzers in the Korean market,” said Plug CEO Andy Marsh. 

Plug achieved this milestone through collaboration with SK E&S via SK Plug HyVerse, a joint venture focused on advancing the hydrogen sector in Asia.

Plug secured certification for its EX425D, a 1 MW PEM electrolyzer, meeting Korean Gas Safety (KGS) Corporation Standard AH271, capable of producing 425 kg of green hydrogen per day.

During the certification process, KGS approved Plug’s Rochester Gigafactory for electrolyzer stack production and Alpha ECC’s manufacturing facility in Vietnam for system production and assembly.

In a press release last week, the company said it inked two additional contracts to deliver Basic Engineering and Design Packages (BEDP) for projects in Europe and the U.S.

The orders have a combined capacity of up to 350 megawatts of electrolyzers. To date, Plug Power has already delivered 25 electrolyzer systems to third-party customers. 

Price Action: PLUG shares are trading higher by 0.43% to $2.32 premarket on the last check Wednesday.

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