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South Korean conglomerate SK makes big push into hydrogen

Country's leading oil refiner pours $1.5bn into US fuel cell company

SK Group's investment in Plug Power shows the South Korean conglomerate starting to move from fossil fuels to cleaner energy sources. (Photo courtesy of Plug Power)

SEOUL -- SK Group, one of South Korea's biggest oil refiners, has a made a cross-border move to grow its hydrogen energy business with an investment in American fuel cell developer Plug Power.

The South Korean conglomerate is set to purchase a 9.9% stake in Latham, New York-based Plug Power for roughly $1.5 billion by the end of March, becoming its top shareholder.

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